EQT Life Sciences

EQT Life Sciences Leads Tubulis’ Upsized €128 Million Series B2 Financing

Financing round co-led by EQT Life Sciences and Nextech Invest1, with participation from other leading global biotechnology investors

Proceeds will be used to advance clinical trials of lead solid tumor targeted ADC candidates, TUB-040 and TUB-030, further technology development, and expansion into the US

Photo of Tubulis team

Amsterdam, Netherlands, March 14, 2024 – EQT Life Sciences is pleased to announce that the LSP 7 fund has invested in Tubulis, which is developing a pipeline of unique antibody-drug conjugates for the treatment of solid tumours. The oversubscribed €128 million ($139 million) Series B2 is one of the largest European venture rounds in the healthcare space this year. The financing was co-led by EQT Life Sciences and Nextech Invest Ltd, on behalf of one or more funds managed by it, with participation from new US-based funds, Frazier Life Sciences and Deep Track Capital, as well as all existing investors.

Munich-based Tubulis was founded in 2019 with the ambition to maximize the effectiveness of antibody drug conjugates (ADCs), which have shown significant promise in treating various cancers. Unlike chemotherapy, which is the most common treatment for solid tumors, ADCs are designed to target and kill tumor cells while sparing healthy cells. Despite the potential, ADC development has faced challenges when it comes to enhancing efficacy without sacrificing safety, which Tubulis is addressing. 

Tubulis has created a unique suite of technologies that enable the company to deliver revolutionary ADCs, with superior properties that are customized for the specific tumor type. The company's platforms allow it to combine a wide range of tumor-targeting molecules and innovative toxins through its proprietary conjugation options and deep technology insights, resulting in stable, safe, and highly effective ADCs.

The funds are set to advance Tubulis’ portfolio of cutting-edge ADCs into clinical trials and to secure clinical proof-of-concept for its lead products, TUB-040 and TUB-030. TUB-040 addresses tumor-antigen Napi2b, a well-characterized target in ovarian and lung cancer. TUB-030 targets 5T4, an antigen often overexpressed in solid tumors. The capital will also fund the expansion of Tubulis’ suite of technology platforms and enable it to establish a US subsidiary.

“This substantial financing from a syndicate of global specialist biotech investors recognizes Tubulis’ unique position in the ADC space. Our proprietary platform technologies and internal know-how are the foundation for our pipeline of truly differentiated protein-drug conjugates,” said Dominik Schumacher, PhD, CEO and Co-founder of Tubulis. “Our goal is to establish Tubulis as a global ADC leader as we transition to a clinical-stage company and harness the full power of ADCs to bring their therapeutic value to patients with solid tumors.”

"Dominik and the Tubulis team have developed highly differentiated ADC candidates that have the potential to significantly change the treatment paradigm in targeted solid tumor indications. We are looking forward to supporting the Tubulis team in realizing their vision of delivering the true value of ADCs by extending patient benefit and improving quality of life,” said Christoph Broja, Managing Director at EQT Life Sciences. 

“At EQT, we are focused on guiding the next global leaders in healthcare and Tubulis is well positioned to directly impact the future of oncology treatments," added John de Koning, Partner at EQT Life Sciences.

In conjunction with the financing, Christoph Broja, Managing Director at EQT Life Sciences and Kanishka Pothula, Managing Partner at Nextech Invest, will join Tubulis’ Supervisory Board. John de Koning, Partner at EQT Life Sciences, will join Tubulis’ Supervisory Board as an observer.

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Christoph Broja, Managing Director,Christoph.broja@eqtpartners.com

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