Antibody-drug conjugates are the fastest-growing and most commercially significant new drug modality in oncology. AstraZeneca and Daiichi Sankyo’s Enhertu has demonstrated pan-tumor activity across HER2-expressing breast, lung, gastric, and colorectal cancers, fundamentally changing how oncologists think about HER2 as a target and ADCs as a class. More than 150 ADC programs are in clinical development across the pharmaceutical industry. Pfizer’s $43 billion acquisition of Seagen was the largest ADC-focused acquisition in history.
Topics Covered
• ADC Technology — Antibody, Linker, Payload
• Enhertu and the Pan-Tumor ADC Paradigm
• Clinical Pipeline
• Next-Generation ADC Design
• Company-by-Company Portfolio Assessment
• ADC Manufacturing
• Regulatory Pathway
Table of Contents
1. Executive Summary
2. Technology Landscape Overview
3. ADC Technology — Antibody, Linker, Payload
4. Enhertu and the Pan-Tumor ADC Paradigm
5. Clinical Pipeline
6. Next-Generation ADC Design
7. Company-by-Company Portfolio Assessment
8. ADC Manufacturing
9. Regulatory Pathway
10. Competitive Landscape
11. Strategic Conclusions and Recommendations
12. Appendix
List of Tables
Table 1. Technology Maturity Assessment 2025
Table 2. ADC Technology
Table 3. Enhertu and the Pan-Tumor ADC Paradigm
Table 4. Clinical Pipeline
Table 5. Next-Generation ADC Design
Table 6. Company-by-Company Portfolio Assessment
Table 7. ADC Manufacturing
Table 8. Regulatory Pathway
Table 9. Leading Companies — Technology Investment and Strategy 2025
Table 10. M&A and Partnership Activity 2023-2025
Table 11. Key Risks and Mitigation Strategies
Companies Profiled
Merck
Bristol-Myers Squibb
Roche
AstraZeneca
Pfizer
Novartis
Johnson & Johnson
Daiichi Sankyo
Seagen
AbbVie
