COPENHAGEN, Denmark, May 26, 2026
Adcendo ApS has announced a new clinical collaboration and supply agreement with MSD (Merck & Co., Inc.) to evaluate its investigational antibody-drug conjugate (ADC) candidate ADCE-T02 in combination with KEYTRUDA® (pembrolizumab) in a Phase Ib clinical study targeting patients with advanced solid tumors. The agreement marks an important milestone for Adcendo as the Danish biotech company advances its next-generation oncology pipeline focused on cancers with high unmet medical need. The collaboration also highlights growing industry momentum behind combination strategies involving ADCs and immune checkpoint inhibitors to improve anti-tumor responses in difficult-to-treat cancers.
Under the terms of the agreement, MSD will supply pembrolizumab, while Adcendo will sponsor and manage the Phase Ib combination study. The trial is expected to begin patient dosing during the second half of 2026 and will investigate the safety, tolerability, and preliminary efficacy of escalating doses of ADCE-T02 combined with standard-dose pembrolizumab in patients with advanced solid tumors. Both companies will retain commercial rights to their respective therapies.
Adcendo Advances Tissue Factor-Targeting ADC Program
ADCE-T02 is a potential best-in-class Topoisomerase-1 inhibitor-based ADC designed to target Tissue Factor (TF), a protein highly overexpressed in multiple aggressive solid tumors including head and neck squamous cell carcinoma, non-small cell lung cancer, pancreatic cancer, colorectal cancer, and cervical cancer. By selectively delivering a potent cytotoxic payload directly to tumor cells expressing Tissue Factor, the therapy aims to maximize anti-cancer activity while minimizing damage to healthy tissues.
The investigational therapy is currently being evaluated as a monotherapy in the ongoing Phase I Tiffany-01 clinical trial involving patients with advanced solid tumors. Through the new partnership with MSD, Adcendo now plans to explore whether combining ADCE-T02 with the widely used anti-PD-1 immunotherapy KEYTRUDA® can further improve treatment outcomes by leveraging complementary mechanisms of action.
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According to Adcendo Chief Medical Officer Dr. Lone Ottesen, the combination may help enhance anti-tumor responses in cancers where Tissue Factor is highly expressed. The company believes the dual approach could potentially improve immune activation while simultaneously increasing direct tumor cell killing, creating a more effective treatment strategy for patients with limited therapeutic options.
ADC and Immunotherapy Combinations Gain Momentum
The collaboration reflects a broader trend in oncology drug development where biotechnology and pharmaceutical companies are increasingly combining ADC therapies with immune checkpoint inhibitors to create more powerful and targeted cancer treatments. ADCs have rapidly emerged as one of the fastest-growing areas in oncology due to their ability to precisely deliver highly potent anti-cancer agents to tumor cells while reducing systemic toxicity.
At the same time, immunotherapies such as KEYTRUDA® continue to transform cancer treatment across multiple tumor types by activating the body’s immune system to attack cancer cells. Industry researchers believe combining ADCs with PD-1 inhibitors may generate synergistic effects capable of overcoming resistance mechanisms commonly seen in advanced cancers.
The collaboration with MSD also strengthens Adcendo’s position within the highly competitive ADC market, which continues attracting major investment and partnership activity globally. The company is currently advancing multiple ADC programs, including ADCE-D01 targeting uPARAP and ADCE-B05 for squamous cell tumors, alongside ADCE-T02.
Growing Interest in Precision Oncology Partnerships
The agreement demonstrates increasing interest among major pharmaceutical companies in partnering with innovative biotech firms developing highly targeted oncology therapies. For Adcendo, access to pembrolizumab through collaboration with MSD significantly accelerates the company’s ability to evaluate novel combination strategies in clinical settings.
Industry analysts note that precision oncology partnerships involving ADCs and immunotherapies are expected to remain a major focus area across the biopharma sector as companies seek more effective treatments for patients with advanced and treatment-resistant cancers. With the Phase Ib study scheduled to begin later this year, the collaboration between Adcendo and MSD could contribute important new data supporting the future development of combination therapies in solid tumors.
Source: Adcendo, MSD press release
