• Biotech Snap
  • Posts
  • Fortitude launches to combine ADCs with protein degraders & Sanofi takes a gamble with eczema

Fortitude launches to combine ADCs with protein degraders & Sanofi takes a gamble with eczema

AuthorAuthor

Joachim Eeckhout & Eduardo Longoria
January 27, 2026

 

Good morning! Anyone who followed the Theranos downfall will recognize the pattern: former CytoDyn CEO Nader Pourhassan was sentenced to 30 months in prison after a jury found he misled investors about the company’s lead drug and its regulatory progress. Prosecutors said he exaggerated the promise and development status of leronlimab, an experimental antibody drug CytoDyn was testing for HIV and later COVID-19, and falsely implied the FDA was further along than it was. After making those claims, Pourhassan sold nearly 5 million shares, pocketing about $4.4M. He’s also been ordered to repay more than $5.3M to investors.

​​Why it matters: This is a rare, high-profile criminal conviction tied to biotech hype and a reminder that promotional overreach (like for Theranos) can cross into criminal territory.

Bottom line: In biotech, overselling the science can come with a far bleaker endpoint than a failed trial.

Enjoy today’s read!

—Joachim E.

Don’t keep this newsletter a secret: Forward Biotech Snap to a friend!

Was this email forwarded to you? Sign up here.

SNAPSHOT

Fortitude raises $13M to combine ADCs and protein degradation in cancer therapy

 

Fortitude Biomedicines launched yesterday with $13M to develop GLUE-DAC, a platform combining antibody-drug conjugates (ADCs) with molecular glue degraders to overcome drug resistance in cancer therapies.

Why it matters: ADCs are powerful cancer treatments, but resistance limits their effectiveness. Fortitude aims to extend their utility by pairing them with targeted protein degradation, a promising new therapeutic strategy.

Backstory: Founded by scientists from Baylor College of Medicine in Texas, Fortitude stems from research on integrating protein degradation into precision therapies. CEO Jesse Chen previously co-founded Triana and Avilar, both focused on similar tech.

Big picture: Molecular glue degraders are gaining momentum in biotech, with companies like Eli Lilly, Gilead, and Novartis placing major bets on this modality. Fortitude's approach could make ADCs more resilient and broaden their reach.

What's next: Fortitude will use its seed funding to advance a lead immune cell-targeting biologic and further develop the GLUE-DAC discovery engine.

SNIPPETS

What’s happening in biotech today?

🎲 Eczema gamble: Sanofi announced it will seek global regulatory approval for its experimental eczema drug amlitelimab despite mixed Phase 3 trial results. The drug met its main goals in one study (SHORE), showing improved skin clearance compared to placebo, but failed to meet the statistical benchmark required by European regulators in another trial (COAST 2) due to differences in how non-responders were assessed. A safety study showed a potential long-term benefit but also raised concerns after a case of Kaposi’s sarcoma was detected, which could prompt FDA safety warnings. While amlitelimab could be viable in the U.S., its commercial outlook remains uncertain, especially in Europe.

⏸️ ADC timeout: Genmab has halted patient enrollment in a Phase 1/2 trial of GEN1286, a bispecific antibody-drug conjugate (ADC) targeting EGFR and c-Met, acquired through its $1.8 billion purchase of ProfoundBio. The trial, initially set to enroll 214 participants with advanced solid tumors, stopped after enrolling just 23 and is now listed as “active, not recruiting.” This marks the third ProfoundBio-originated drug Genmab has de-prioritized, following the discontinuation of GEN1160 and GEN1107 due to slow enrollment and poor risk-benefit profiles. Despite these setbacks, Genmab continues to advance rinatabart sesutecan, the core asset of the ProfoundBio acquisition, now in Phase 3 for endometrial cancer.

📦 ADC import: London-based Ellipses Pharma has entered a licensing agreement with China's Innolake Biopharm to develop EP0028, a first-in-class ADC targeting B7-H3 for solid tumors. Currently in a Phase 1 trial in China, Ellipses plans to initiate its own trial in the U.S. and expand globally following regulatory approvals. This marks Ellipses’ second in-licensing of a Chinese oncology asset, following its 2021 deal for the RET inhibitor EP0031. Ellipses' pipeline now includes four additional clinical-stage candidates across various cancer types, reflecting a broader trend of Western biotechs partnering with Chinese firms to combine innovation with global commercialization capabilities.

 🚀 SPAC attack: Cormorant Asset Management has raised $150 million through the initial public offering (IPO) of Helix Acquisition Corp. III, its third biotech-focused special purpose acquisition company (SPAC) since 2022. A SPAC is a publicly listed “blank-check” company that raises capital with the sole purpose of later merging with a private firm, allowing that company to go public without a traditional IPO. Helix Acquisition Corp. III, which trades under the ticker HLXC, has not yet named a merger target but is building on Cormorant’s track record of taking biotech companies public through SPAC deals, including Moonlake Immunotherapeutics and BridgeBio Oncology Therapeutics. As SPAC activity rebounds in 2025 after a prolonged slowdown, Cormorant argues that current market conditions make SPACs an attractive alternative route to the public markets.

💷 UK boost: Belgian biopharma UCB has secured a joint capital investment of approximately £500 million ($676 million) with the UK government through the Life Sciences Innovative Manufacturing Fund (LSIMF) to support its R&D efforts in the country. The funding will enhance UCB’s new research hub in Windlesham, Surrey, and extends the company’s longstanding partnership with the UK government. UCB has a strong track record of UK-based innovation, having discovered four globally available treatments and six additional antibodies developed by partners from research conducted in the UK.

TOUR OPERATOR

Upcoming events

What did you think of today's newsletter?

Your feedback helps us create the best newsletter possible.

Login or Subscribe to participate in polls.

Share the Snap!

Know someone who’d enjoy this? Hit forward and pass it along.