The family-owned German pharma dates back to 1885 and tries to keep up with its publicly traded peers by not mimicking everything they do, but with a “value by innovation” focus.

Emerging Company Profile: Denmark-based start-up ADCendo says it now has enough money to begin developing antibody-drug conjugates aimed at the novel cancer target uPARAP/Endo180 and deliver proof of concept in humans for one or more indications by the end of 2025.

The German group is investing heavily in R&D and the continued strong performance of products like Spiriva and Pradaxa is helping to pay for future innovation.

Jardiance and Ofev are growing strongly but the German drugmaker is also confident its pipeline will bear fruit, boosted by a rising research budget that represents almost 23% of sales.