Jeito Capital leads oversubscribed $75 million Series C in Adcendo ApS to Advance its First- and Best-in-class Clinical ADC 1 Pipeline in Oncology

Jeito Capital (“Jeito”), a leading global independent private equity fund dedicated to Biopharma, is leading an oversubscribed $75 million (€ 65 million²) Series C financing round in Adcendo ApS (“Adcendo”), a biopharma company focused on the development of first-and best-in-class antibody-drug conjugates (ADCs) for the treatment of cancers with high unmet medical need. The investment comes from Jeito Capital’s second fund, which closed on March 31, 2026 with $1.2³ billion in committed investor capital.

The financing is led by Jeito Capital, with participation from additional new investors Vida Ventures, BPI France, and EIFO (Export and Investment Fund of Denmark). All existing investors have also participated, including TCGX, RA Capital Management, TPG, Orbimed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma (a KKR platform), HealthCap, Gilde Healthcare and Ysios Capital.

Founded in 2017 and headquartered in Copenhagen (Denmark) with operations in Boston, MA, Adcendo is building highly differentiated first-in-class or best-in-class ADCs. It is led by a very seasoned team which brings extensive experience in ADC drug development, having held leading senior roles in Pharma and Biopharma companies and a strong track record in operations and drug commercialization.

The company is currently advancing three ADCs: 1) ADCE-T02 targeting Tissue Factor⁴, which is overexpressed in a broad range of solid tumors, including head and neck squamous cell carcinoma, pancreatic ductal adenocarcinoma, colorectal cancer and non-small cell lung cancer; 2) ADCE-D01 targeting uPARAP⁵, which is overexpressed in high unmet need cancers, including soft tissue sarcomas; and 3) ADCE-B05, for which the target is undisclosed, is currently being evaluated pre-clinically in squamous cell solid tumors⁶.

Proceeds from the fundraise will be used to support Adcendo through multiple upcoming key clinical milestones from the Company’s first- and best-in-class ADC pipeline, including the ADCE-T02 (Tissue Factor ADC) Phase I Tiffany-01 Cohort expansion study in multiple high unmet need tumor indications, the ADCE-D01 (uPARAP) Phase 1 dose escalation and expansion study in soft tissue sarcoma and other cancers of mesenchymal origin, and the ADCE-B05 (undisclosed target) dose escalation study in squamous cell carcinomas.

While the research and innovation in ADC technology keeps improving, numerous types of cancers still have patients with high unmet medical needs, with systemic toxicities remaining a key limitation of available treatments. With a strong and growing oncology company portfolio - including recent investments in Callio Therapeutics (next-generation ADCs in oncology), Alentis Therapeutics (cancers and organ fibrosis), CDR-Life (Tcell engagers in immuno-oncology therapies), and CatalYm (immuno-oncology therapies), as well as Neogene Therapeutics (oncology-cell therapy, acquired by AstraZeneca in 2023) - Jeito brings deep expertise in supporting the development of innovative cancer therapies. This expertise positions Jeito to actively contribute to accelerating Adcendo's promising ADC pipeline for the benefit of patients worldwide.

Ksenija Pavletic, General Partner and Chief Commercial Officer of Jeito Capital, will join the Adcendo Board of Directors.

Ksenija Pavletic, General Partner & Chief Commercial Officer of Jeito Capital, said:
“Adcendo stands out in the ADC field as having a noteworthy combination of bold innovation and strong clinical development strategy and execution. With a very seasoned team of drug developers and biopharma leaders advancing their differentiated pipeline, we are excited to see the Company’s progress toward their mission of delivering next-generation cancer therapies to patients who need them most.”

Dr Rafaèle Tordjman, MD, PhD, Founder & CEO of Jeito Capital, added:
“Oncology remains one of the most critical areas of unmet medical need, and ADCs represent a transformative approach to delivering targeted therapies with improved efficacy and tolerability. Adcendo's experienced leadership team, with a proven track record in ADC development, is advancing a truly differentiated pipeline with the potential to redefine treatment outcomes for patients with difficult-to-treat cancers. We are proud to lead this financing as we continue to deploy capital from our latest 1,2 billion dollars fund into some of Europe’s most ground-breaking biopharma companies.”

Michael Pehl, Chief Executive Officer of Adcendo said: “This successful financing round, led by a distinguished group of life science investors, empowers us to continue advancing our pipeline of breakthrough ADCs for the treatment of underserved cancers. We are thrilled to see continued momentum of our first and best-in-class ADCs in clinic, and with the backing of this fundraising we will continue to progress ADCE-T02, ADCE-D01 and ADCE-B05 through upcoming data readouts.”

About Jeito Capital
Jeito Capital is a global leading Private Equity fund with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. With €1.6 billion in assets under management, Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito has built a diversified portfolio of clinical biopharmas with cutting-edge innovations addressing high unmet needs. Jeito Capital is based in Paris with a presence in Europe and the United States.

For more information, please visit www.jeito.life or follow us on LinkedIn.

About Adcendo ApS:
Adcendo ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, with operations in Boston, Massachusetts. The company is developing a pipeline of first- and potential best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical needs. Led by a team of experienced biopharma executives with a track record of advancing multiple ADCs to approval, Adcendo integrates novel targets, optimized linker-payload combinations, and a rationally designed development strategy to drive next-generation cancer therapies. Adcendo is currently advancing three ADCs: 1) ADCE-T02 targeting Tissue Factor, which is overexpressed in a broad range of solid tumors, including head and neck squamous cell carcinoma, pancreatic ductal adenocarcinoma, colorectal cancer and non-small cell lung cancer; 2) ADCE-D01 targeting uPARAP, which is overexpressed in high unmet need cancers, including soft tissue sarcoma and other cancers of mesenchymal origin; and 3) ADCE-B05, for which the target is undisclosed, is currently being evaluated pre-clinically in squamous cell solid tumors. For further information, please visit https://adcendo.com or follow us on LinkedIn.

1 ADC (antibody drug conjugates) : An antibody that guides a drug directly to diseased cells to destroy them effectively.

2 EUR/USD exchange rate: 1 EUR = 1.1498 USD date March 31, 2026 (source: Banque de France)

3 Final closing of Jeito II at €1bn as of March 31, 2026

4 Tissue Factor, a protein often present in high amounts in many cancers, which may promote tumor growth and spread.

5 uPARAP, a protein found at high levels in certain hard-to-treat sarcoma cancers, where it may promote tumor growth and spread.

6 Squamous cell solid tumors are cancers that start in thin, flat cells that line the skin and some internal organs

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