Duality Biologics
Duality Biologics, a clinical-stage biotech focused on antibody-drug conjugates (ADCs) for cancer and autoimmune diseases, is gaining attention in 2025 with several major milestones. The company achieved Phase III success with BioNTech’s BNT323 in HER2-positive breast cancer, signed a licensing deal with Avenzo Therapeutics for DB-1418, and completed a highly successful Hong Kong IPO. These achievements underscore its leadership in next-generation ADCs, strong pipeline progress, and plans for global market expansion, positioning it as a rising player in the biopharma industry.
“Duality Biologics’ IPO success, strategic deals, and late-stage trial wins signal growing investor confidence in its ADC-driven pipeline.”
Antibody–Drug Conjugates Market: Rapid Growth and Commercial Momentum
Antibody-drug conjugates (ADCs) are innovative cancer therapies that link a monoclonal antibody (mAb) to a potent cytotoxic agent through a specialized linker. This design enables precise delivery of the drug to cancer cells, leveraging the antibody’s ability to recognize and bind to specific tumor-associated antigens. By targeting tumor cells directly, ADCs aim to maximize therapeutic effectiveness while minimizing harm to healthy tissues. As a rapidly expanding class of biopharmaceuticals, ADCs are used in cases where conventional treatments fall short and hold potential for applications beyond oncology.
Antibody–drug conjugates (ADCs) are fueling a multi-billion-dollar surge in oncology dealmaking. Over two decades since the first ADC approval, this targeted approach—leveraging antibodies to deliver potent cytotoxic drugs directly to cancer cells—is reaching maturity.
In 2023, the ADC market surpassed $10 billion, marking a key milestone. Enhertu is poised to overtake Kadcyla as the top-selling ADC, while Kadcyla remains strong with $2.22 billion in sales. Other notable ADCs, including Adcetris, Trodelvy, and Padcev, each generate over $1 billion in revenue.The global ADC market was valued at USD 12.29 billion in 2024 and is projected to reach USD 29.10 billion by 2032, growing at a CAGR of 12.3% from 2025 to 2032. Driven by the rising demand for precisely targeted cancer therapies, ADCs combine the potency of cytotoxic agents with the specificity of monoclonal antibodies, offering effective tumour targeting while minimising harm to healthy tissues.
Forecasted market revenue of Antibody drug conjugates
Fig 14: Market revenue of antibody drug conjugates
Market revenue of Duality Biologics
Founded in January 2020, Duality Biologics (now DualityBio) initially focused on fundraising to advance its preclinical and clinical ADC pipeline, raising $120 million in 2020 and early 2021 through Series B financing. As a young company, it reported no market revenue in 2020 or 2021, with efforts concentrated on research and development rather than sales.
Financial details for 2022 were not disclosed, as the company was not yet public, though revenue began to increase in 2023 and 2024. Looking ahead, 2025 is expected to bring notable revenue growth, fueled by rising demand in the biologics and biosimilars market, particularly for advanced therapies targeting chronic diseases and cancers.
In addition, DualityBio’s successful Hong Kong IPO in April 2025 raised $211 million, strengthening its financial position and supporting the continued development of its ADC pipeline, including candidates such as BNT324/DB-1311, which are central to its growth strategy.
"DualityBio, a young ADC-focused biotech, is poised for strong revenue growth in 2025, supported by rising market demand and a $211M Hong Kong IPO."
Three-year market revenue of Duality Biologics (2023- Q1 2025)
Fig 15: Market revenue of Duality Biologics
Duality Biologics: Advancing the Next Wave of ADC Therapies
Duality Biologics has built a pipeline of next-generation antibody-drug conjugates (ADCs) designed to target both cancer and autoimmune diseases. Its most advanced program, BNT323 (DB-1303), developed in partnership with BioNTech, recently achieved success in a Phase III trial for HER2-positive breast cancer, marking a major step toward commercialization. Another key asset, DB-1418, was licensed to Avenzo Therapeutics in 2025, highlighting the company’s global collaboration strategy.
Oncology targeted pipeline
Duality Biologics has built a pipeline of next-generation antibody-drug conjugates (ADCs) designed to target both cancer and autoimmune diseases. Its most advanced program, BNT323 (DB-1303), developed in partnership with BioNTech, recently achieved success in a Phase III trial for HER2-positive breast cancer, marking a major step toward commercialization. Another key asset, DB-1418, was licensed to Avenzo Therapeutics in 2025, highlighting the company’s global collaboration strategy.
Diverse Target Focus
The pipeline includes programs targeting HER2, a well-established oncogenic driver, indicating a focus on precision oncology.
Multiple Indications Across Therapy Lines
The lead program DB-1303 / BNT3233 is being developed for several HER2-expressing cancers:
- Endometrial Cancer (EC) – 2nd line and beyond
- Gastric Cancer (GC) – 2nd line and beyond
- Breast Cancer (BC) – 3rd line and beyond, including inflammatory BC
- Combination therapy with Pertuzumab in 1st line HER2+ BC
Advanced Clinical Development
The program is already in Phase 3 for HER2+ BC (3L+), and Phase 1/2a and Phase 2 for other indications, suggesting strong clinical momentum and potential for near-term commercialization.
Global and Regional Strategy
- Trials are conducted globally, with potential registrational studies, indicating a strategy aimed at broad regulatory approvals.
- Commercial focus includes Mainland China, Hong Kong, and Macau, showing a targeted regional commercialization plan.
Strategic Partnerships
Collaboration with BIOTECH partners enhances development capabilities and resource sharing, which can accelerate timelines and reduce risk.
DIBAC Platform
The DIBAC platform showcases a robust and strategically diversified pipeline with the following strengths:
Multiple Indications Across Therapy Lines
DB-1419, DB-1418, and DB-1421 are actively progressing, indicating a healthy and expanding portfolio.
Innovative Bispecific Targets
Targets include B7-H3x PD-L1, HER3x EGFR, and one undisclosed, reflecting a focus on novel mechanisms and therapeutic innovation.
Unified Indication Focus
All programs are aimed at solid tumors, allowing for streamlined research, development, and potential cross-program synergies.
Mono Therapy Strategy
All candidates are designed for monotherapy, which can simplify clinical trial design and regulatory pathways, and reduce combination-related complexities.
Global and Regional Development
Programs are in Phase 1 (Global and China) and Preclinical/IND-Enabling, showing both international reach and early-stage innovation.
Commercial and Partnership Potential
Avenzo is listed as a partner for DB-1418, suggesting strategic collaborations and potential for co-development or market expansion.
DUPAC and DIMAC Platform
The image outlines two promising ADC platforms—DUPAC and DIMAC—each targeting distinct therapeutic areas with innovative approaches:
DUPAC Platform – Novel MOA Payload ADC
- Focuses on solid tumours, a major oncology segment.
- Utilises a unique mechanism-of-action payload, suggesting innovation in ADC design.
- Global IND-enabling status indicates readiness for clinical advancement.
DIMAC Platform – Immuno-Modulating ADC
- Targets BDCA2, a novel immunological pathway.
- Addresses high unmet needs in autoimmune conditions.
- Positioned for global development, enhancing market potential.
