Capital Floods into ADC Sector: Major Global Pharma Deals Surge in 2026

　　【Pharmaceutical Network | Industry Trends] Recently, Novartis announced the acquisition of the UK-based ADC company Myricx Bio. The total value of this transaction amounts to up to $1.5 billion (approximately RMB 10.2 billion), including an upfront cash payment of $1.1 billion and potential future milestone payments contingent upon development and commercialization progress.
 

Public information indicates that Myricx Bio is a highly representative innovative company in the ADC sector, with its core highlight being an N-myristoyltransferase inhibitor (NMTi) payload platform featuring prominent differentiated advantages. This acquisition will further enrich Novartis’s oncology pipeline and enhance its competitive edge.
 

It is reported that ADCs have become a hot sector in the pharmaceutical industry, with numerous companies making significant investments in 2026. For instance, on May 18, Regeneron officially announced a strategic collaboration with biotechnology company Parabilis Medicines, valued at up to $2.3 billion. The two parties will jointly develop AHC (a next-generation conjugation technology similar to ADCs).
 

According to the collaboration agreement disclosed by both parties, Regeneron will pay Parabilis an upfront cash payment of $50 million and complete a $75 million equity investment, bringing the total initial investment to $125 million. In addition, for the five core targets identified at the outset of the collaboration, Regeneron will pay up to $2.2 billion in development, regulatory, and commercialization milestone payments; if Regeneron subsequently chooses to add new collaborative targets, additional corresponding fees will be required.
 

In April, Gilead Sciences acquired the German ADC company Tubulis for an upfront payment of $3.15 billion, with a total potential value of up to $5 billion, thereby gaining access to its clinical-stage ADC assets and conjugation platform. Tubulis’s lead ADC candidate targets NaPi2b and is currently undergoing Phase 1/2 studies for ovarian cancer; its platform aims to enhance therapeutic efficacy through more precise payload delivery.
 

In the same month, Eli Lilly announced the acquisition of CrossBridge Bio, with a total potential transaction value of approximately $300 million. The core of the company’s platform lies in its more stable linker technology. Its lead candidate is a TROP-2-targeting antibody-drug conjugate (ADC) carrying dual payloads—a topoisomerase I inhibitor and an ATR inhibitor—reflecting the trend in ADC development toward “multi-mechanistic combination killing.”
 

Furthermore, ADC-related licensing deals and financing activities are simultaneously gaining momentum. In January 2026, MediLink and Roche reached a new exclusive license agreement for the YL201 project, under which MediLink will grant Roche the exclusive rights to develop, manufacture, and commercialize YL201 globally (excluding mainland China, Hong Kong, and Macau). MediLink will receive an upfront payment and near-term milestone payments totaling $570 million, and is entitled to additional development, regulatory, and commercialization milestone payments, as well as tiered royalties based on net sales of YL201 following its approval and launch in overseas markets.
 

On May 29, Innovent announced a global strategic licensing and collaboration agreement with Pfizer, focusing on 12 breakthrough early-stage and source-innovation oncology R&D projects, with a total transaction value of up to $10.5 billion. This collaboration covers two core modalities—antibody-drug conjugates (ADCs) and multispecific antibodies—all featuring novel differentiated payloads, unique structural designs, and immunomodulatory advantages.
 

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Overall, pharmaceutical companies are increasingly intensifying their strategic investments in the antibody-drug conjugate (ADC) sector. Notably, an examination of corporate strategies reveals that this field is undergoing a “value reassessment.” Competition has shifted from racing to secure targets to competing for novel payload technologies, and from betting on individual products to building technology platforms capable of cross-target application.
 

　　Disclaimer: Under no circumstances shall the information contained herein or the opinions expressed constitute investment advice to any person.