Day One enters ADC field, going after a target that once attracted AbbVie and now Genmab

Shortly after securing its first FDA approval and bagging $108 million from a priority review voucher sale, Day One Biopharmaceuticals is entering the hottest pocket of oncology drug development — antibody-drug conjugates — by way of a licensing deal.

The Brisbane, CA-based Day One will dish out $55 million upfront to Shanghai-based MabCare Therapeutics for an ADC named MTX-13, which is slated to enter Phase 1 “in the coming months,” the companies said Tuesday morning. Day One could dole out another $1.15 billion in biobucks, a figure that’s about $100 million more than the newly-minted commercial biotech’s market capitalization.

Day One joins a growing trend of smaller and mid-size biotechs hopping aboard the ADC train after most large pharmaceutical companies have either bought their way into the space or created homegrown programs. The move follows similar…
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