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Eyes On Pharma Blog 

EyesOn ADC's

  • Writer: Jana Chisholm
    Jana Chisholm
  • 1 day ago
  • 3 min read


ADC Arms Race Accelerates: Lilly and Gilead Double Down on Next-Generation Oncology Platforms. Acquisitions of CrossBridge and Tubulis highlight how antibody-drug conjugates are becoming a central pillar of oncology pipeline strategy.


Executive Highlights

  • Eli Lilly acquired CrossBridge Bio to expand its next-generation dual-payload ADC platform, with its lead asset entering the clinic in 2026.

  • Gilead Sciences is acquiring Tubulis for $3.15B upfront + $1.85B milestones, adding a near–pivotal ADC candidate.

  • ADC dealmaking continues to accelerate, with >$50B in cumulative transactions since 2020, reflecting platform-level competition across oncology.

  • Late-stage ADC assets are commanding multi-billion-dollar premiums, reinforcing a shift toward acquisition-driven pipeline expansion.


What Happened: Strategic Acquisitions Expand ADC Pipelines

Two major transactions underscore the increasing importance of antibody-drug conjugates (ADCs) in oncology strategy.


Eli Lilly has acquired CrossBridge Bio, gaining access to a preclinical pipeline of dual-payload ADCs, including CBB-120, a TROP2-targeting therapy expected to enter clinical trials in 2026.


At the same time, Gilead Sciences is acquiring Tubulis, securing a late-stage ADC platform and its lead asset TUB-040, which has demonstrated a 59% overall response rate in platinum-resistant ovarian cancer.


Both deals reflect a broader trend: large pharma companies are increasingly acquiring differentiated ADC platforms rather than building them entirely in-house.

Key Data Points: Platform Innovation and Clinical Momentum


Lilly / CrossBridge

  • Deal value: up to $300M 

  • Lead asset: CBB-120 (TROP2 dual-payload ADC) 

  • Development stage: Preclinical → clinical entry (2026) 

  • Platform: linker enabling multi-payload attachment and improved stability 


Gilead / Tubulis

  • Deal value: $3.15B upfront + $1.85B milestones 

  • Lead asset: TUB-040 (NaPi2b-targeting ADC) 

  • Development: Phase 1b/2 → moving toward pivotal trials 

  • Clinical data: 59% ORR in platinum-resistant ovarian cancer 


Broader context

  • Gilead previously acquired Immunomedics for $21B (Trodelvy) 

  • Lilly has completed 16 biotech acquisitions since 2023, including multiple oncology programs


Why Now: ADCs Reach an Inflection Point

ADCs are entering a new phase of maturity, driven by three converging factors:

  • Clinical validation: Approved therapies such as Enhertu and Trodelvy demonstrating meaningful outcomes

  • Technology evolution: Advances in linker chemistry, payload diversity, and tumor targeting

  • Commercial proof: Multi-billion-dollar revenue potential across solid tumor indications


At the same time, competition is intensifying rapidly, with multiple programs targeting overlapping antigens such as TROP2 and HER2.


👉 This combination is accelerating acquisition-led strategies, particularly for differentiated or late-stage assets.


Strategic Meaning: Platform Competition and Speed to Differentiation

ADCs are no longer an emerging modality—they are becoming a core platform strategy in oncology.


A key dynamic is the shift toward “build vs buy” decisions under time pressure.

Large pharma companies are increasingly choosing to:

  • Acquire validated platforms

  • Secure clinical-stage assets

  • Avoid long internal development timelines


This reflects a broader reality:

In ADCs, speed to differentiation is now more valuable than early-stage optionality.

At the same time, differentiation is moving deeper:

  • Linker chemistry

  • Payload combinations (including dual payloads)

  • Target selection and tumor specificity


Competitive Landscape Expands Rapidly

The ADC space is becoming increasingly crowded.


Large pharma leaders:

  • AstraZeneca / Daiichi Sankyo

  • Roche

  • Boehringer Ingelheim


Emerging players:

  • Mersana Therapeutics

  • Zymeworks

  • Sutro Biopharma


👉 Competitive advantage is shifting from simply having an ADC program to how differentiated and scalable the platform is.


Manufacturing as a Strategic Constraint

As ADC pipelines expand, manufacturing is becoming a critical bottleneck.

Key challenges include:

  • Complex bioconjugation processes

  • Payload stability and consistency

  • Scale-up from clinical to commercial production


Major CDMO players:

  • Lonza

  • Catalent

  • Samsung Biologics


👉 Manufacturing capability is increasingly a strategic differentiator, not just an operational requirement.


Execution Risks

Despite strong momentum, ADC development carries meaningful risks:

  • Narrow therapeutic windows (efficacy vs toxicity balance)

  • Historical target failures (e.g., NaPi2b programs)

  • Manufacturing scalability constraints 


Platform quality—and not just target selection—will be a key determinant of long-term success.


What to Watch

  • Continued escalation in ADC deal valuations 

  • Emergence of dual-payload and next-generation linker technologies 

  • Expansion of manufacturing capacity among ADC CDMOs

  • Ability of leading programs to demonstrate durability and safety at scale 


🔑 Key Takeaway

ADCs are shifting from a promising modality to a capital-intensive platform race—where speed, differentiation, and manufacturing execution will determine long-term winners.


Further Reading from PharmaTell Studio

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