Pharma BD Deal Intelligence
A platform bet, not a product win yet: Whitehawk's option for Hangzhou DAC's CPT113 linker-payload covers up to five ADC programs with full global rights retained, though no Investigational New Drug application has been filed and HWK-007/HWK-016 data isn't due until 1H 2027.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Q1 2026 results (May 7, 2026): cash, cash equivalents and short-term investments of $123.0M as of March 31, 2026 (vs $145.7M at 12/31/25); runway into…
Whitehawk Therapeutics Expands ADC Pipeline with New Option Agreement for Use of CPT113 Linker-Payload — covering up to five new internally developed ADC…
Whitehawk Therapeutics announced a new option agreement with Hangzhou DAC providing access to CPT113 linker-payload technology for up to five additional…
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Whitehawk Therapeutics entered a new option agreement with Hangzhou DAC for access to the CPT113 linker-payload technology for use in up to five additional ADC programs. Whitehawk will select targets and source antibodies while retaining global rights and full program control. Builds on Whitehawk's proprietary Carbon Bridge Cysteine Re-pairing (CBCR) bioconjugation platform.
$7.2B 2024 US ADC market · $3,750M 2024 Enhertu global sales (top-selling ADC benchmark)
Antibody-drug conjugates (ADCs) deliver cytotoxic payloads selectively to tumor cells via tumor-antigen-targeted antibodies, expanding the therapeutic index beyond conventional chemotherapy. The class now generates roughly $12B annually globally and is the fastest-growing oncology modality post-Enhertu (HER2 ADC) success. Next-generation ADC innovation focuses on novel linker-payload chemistries, dual-payload designs, and conjugation processes that improve stability and reduce off-target toxicity — the area where Hangzhou DAC's CPT113 and Whitehawk's CBCR process compete.
ADC competitive landscape is led by Daiichi Sankyo/AstraZeneca (Enhertu), Gilead (Trodelvy), Pfizer/Seagen (Padcev), and a wave of next-gen entrants. Linker-payload technology is the key differentiator — Daiichi's DXd, Mersana's Dolaflexin, and Hangzhou DAC's CPT113 each compete for licensing partners. Whitehawk combines CPT113 with proprietary CBCR conjugation for stability advantages. Hangzhou DAC has multiple Western licensees and is positioning CPT113 as a platform analogous to DXd.
Whitehawk reported $123.0M cash/equivalents/short-term investments as of 3/31/26 (runway into 2028). HWK-007 (PTK7) and HWK-016 (MUC16) Phase 1 dose-escalation enrolling with initial data expected 1H 2027; HWK-206 IND planned mid-2026. The May 21 Hangzhou DAC CPT113 option (this deal) expands the platform to up to 5 more ADC programs; financial terms remain undisclosed.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Whitehawk Therapeutics, Inc. / Hangzhou DAC Biotech Co., Ltd. (this deal) | 2026 | — | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Servier / Agios Pharmaceuticals (oncology) | 2020 | $2.0B | 91 |
| Servier Pharmaceuticals LLC / Agios Pharmaceuticals Inc. | 2020 | $2.0B | 91 |
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