ADCs have moved well beyond a niche oncology modality. With more than a dozen US‑approved products and a growing range of clinical‑stage permutations, they now sit at the center of biopharma dealmaking.
Recent transactions point to a shift in emphasis. Interest is extending beyond established targets toward conjugation technology, payload innovation, and new ADC‑adjacent formats, including antibody‑oligonucleotide conjugates and degrader antibody conjugates. Safety, resistance, and treatment sequencing are shaping how companies assess assets and platforms.
This report provides a structured view of the ADC landscape, combining market sizing, deal analysis, and scientific trends to support portfolio, partnering, and investment decisions.
The report highlights
- Where ADC deal activity is accelerating across M&A and licensing
- What recent transactions signal about differentiation beyond established targets such as HER2 and TROP‑2
- The growing role of ADC‑adjacent formats, including antibody‑oligonucleotide conjugates and degrader antibody conjugates
- How platform‑driven acquisitions are influencing long‑term oncology strategy
