CMS advises biotech company Tubulis on record-breaking Series C financing round

Munich – Tubulis GmbH has successfully closed a Series C financing round, raising a total of EUR 308 million. This marks the largest Series C financing round for a European biotech company and is also the largest financing worldwide for a privately held developer of antibody-drug conjugates (ADCs). The closing of this round sets a new benchmark for the biotech industry and underscores Tubulis's innovative strength.

CMS's Munich-based venture capital team, led by Stefan-Ulrich Müller, provided comprehensive advice to Tubulis GmbH on the Series C financing round. CMS has been advising Tubulis since 2020 in numerous areas of law, in particular on venture capital financing and ongoing corporate law advice, as well as on IP, licensing and employment law issues. CMS previously advised Tubulis on its Series B financing round in 2022 and its Series B2 financing round in 2024.

Tubulis is a leading life science company based in Munich that specialises in generating uniquely matched antibody-drug conjugates. The company's goal is to enable novel therapies for the treatment of ovarian cancer and lung adenocarcinoma. The proceeds from the Series C financing will be used to expand the clinical development of TUB-040, Tubulis's lead antibody-drug conjugate candidate, into earlier lines of therapy and additional tumour indications.

The new financing round was led by Venrock Healthcare Capital Partners, participation from new investors Wellington Management and Ascenta Capital. Existing investors who supported the Series C include Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, High-Tech Gründerfonds (HTGF), OCCIDENT and Seventure Partners.

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