Bristol Myers-backed TORL secures $158M to march army of ADCs through clinic

For companies exploring the antibody-drug conjugate (ADC) arena, the interest from Big Pharma and big-pocketed investors appears to be as strong as ever.

The latest biotech to benefit from the ADC boom is TORL BioTherapeutics, which has brought in $158 million via a so-called series B2 financing. The oversubscribed round was led by Deep Track Capital and featured the return of backers such as Bristol Myers Squibb, Goldman Sachs Alternatives, UC Investments and Vertex Ventures, to name a few. There were also some new investors in the mix in the form of RA Capital Management, Perceptive Advisors and Avidity Partners.