In early 2026, Hangzhou Adcoris Biopharma Co., Ltd. entered into an exclusive strategic collaboration with K2 Therapeutics, for the innovative antibody–drug conjugate (ADC) program ACR246. K2 Therapeutics, built by MPM BioImpact, is a biotech company and scalable hub-and-spoke engine built for global impact, with search and development capabilities unconstrained by modality or geography. MPM BioImpact is a world-leading biotechnology investment firm, with over 30 years’ experience creating and investing in innovative companies.
Under the agreement, K2 Therapeutics has secured an exclusive global license to develop and commercialize ACR246, a first in class ADC targeting the 5T4 antigen. ACR246 is currently being evaluated by Adcoris in a Phase 1/2b clinical trial in China. K2 Therapeutics expects to initiate a Phase Ib clinical trial evaluating ACR246 in 2027.
“This partnership represents a significant step forward toward realizing the full promise of ACR246, our potentially best-in-class and first-to-market anti 5T4 ADC,” said Dr. Miao, Chief Executive Officer of Adcoris. “By partnering with K2 Therapeutics – part of the MPM BioImpact ecosystem – we gain access to the global scale, clinical development capabilities and commercial expertise needed to advance this program efficiently and responsibly to patients around the world.”
First-in-Class Innovation Targeting Solid Tumors:
ACR246 is the world’s first anti-5T4 ADC to reach the clinical stage using a TOP1 inhibitor as its cytotoxic payload, offering dual potential as best-in-class and first-to-market globally.
5T4 is an oncofetal antigen that is highly expressed across multiple solid tumors, including gastric cancer, colorectal cancer, non-small cell lung cancer, and ovarian cancer, as well as in cancer stem cells. It is closely associated with tumor invasion, metastasis, and drug resistance, making it an attractive therapeutic target.
ACR246 employs an innovative TOP1 inhibitor payload, which, compared with traditional microtubule inhibitors, demonstrates a stronger bystander effect and enhanced killing of heterogeneous tumors, with the potential to overcome efficacy limitations of existing ADCs.
With its triple-layer design, precise targeting, a highly potent payload, and controlled release, ACR246 has demonstrated an excellent therapeutic window and favorable safety profile in preclinical studies, offering new hope for patients.
Since the first-in-human dosing in October 2024, ACR246’s Phase Ia dose-escalation study (0.6 mg/kg–4.5 mg/kg) has shown encouraging clinical results, with early signals of both safety and efficacy. Adcoris has now advanced ACR246 into Phase Ib/II clinical studies in China.
Transaction Structure and Strategic Collaboration
Under the terms of the agreement, K2 Therapeutics will develop and commercialize ACR246 globally. In exchange, Adcoris will receive an undisclosed upfront payment. Adcoris will also be eligible to receive developmental and sales milestone payments related to ACR246, plus tiered global royalties on net sales. Additionally, Adcoris will receive equity consideration in the newly established asset company.
This collaboration combines Adcoris’ ACR246 and technical expertise with K2 Therapeutics’ global clinical development and commercialization reach.
NewCo Capital acted as the overall transaction coordinator and exclusive financial advisor for this deal.
Li Rui, Partner at NewCo Capital, commented:
“ADC pipelines have become some of the most sought-after M&A assets in overseas capital markets, and high quality domestic ADC assets are increasingly attracting attention from leading global funds..”
About K2 Therapeutics
K2 Therapeutics is a biotech company built for global impact, with search and development capabilities unconstrained by modality or geography. K2 Therapeutics identifies the world’s most innovative assets and translates them into great medicines through a disciplined development approach led by experienced drug developers. The Company aims to build a pipeline focused on high-potential first- and best-in-class assets with meaningful potential for patient impact worldwide.
About MPM BioImpact
MPM BioImpact is a world-leading biotechnology investment firm with over 30 years of expertise creating and investing in innovative companies to deliver transformative therapies to patients. Its experienced and dedicated team of investment professionals, entrepreneurs, advisors and leading scientists translate scientific discoveries into breakthrough medicines and potential cures. The Firm manages over $3.5 billion AUM across early-stage venture funds, private/public impact funds and public equities funds. For more information, visit www.mpmbioimpact.com
About NewCo Capital
NewCo Capital was co-founded by seasoned investment bankers, business development experts, and scientists with deep experience in innovative drug development. It is a professional collaboration platform centered on resource connectivity and transaction-driven value creation.
NewCo Capital focuses on NewCo incubation and cross-border BD partnerships for high-quality domestic biotech assets, covering the full innovation chain from PCC stage to Phase I clinical development. To date, the firm has successfully completed two overseas NewCo incubation projects with participation from well-known domestic and international funds.
About Adcoris Biopharma
Adcoris Biopharma is a clinical-stage bioconjugation technology and drug development company focused on precision therapies for oncology and other diseases with significant unmet medical needs.
The company has independently developed two core technology platforms—ADC and AXC—including:
· Proprietary high-activity payloads (PHAPs™)
· Cleavable and flexible linkers (CLEFS™)
· Multifunctional site-specific conjugation technology (MuSC™)
These platforms enable rapid conversion from antibodies to ADC candidates and support the development of First-in-Class (FIC) and First-in-Generation (FIG) ADC products.
Adcoris’s founding team brings over 20 years of experience in ADC drug discovery, development, and commercialization. Based on its proprietary platforms, the company has established 10 FIC/FIG pipelines, including:
· ADC2122 (completed Phase I)
· ACR246 (entering Phase Ib/IIa)
· ACR335 and ACR317 (IND-enabling preclinical stage)
Adcoris welcomes discussions and collaborations with investors and industry partners to jointly advance innovative ADC therapeutics.