🏆 Deal of the Month · October 2025
Tubulis raised EUR 308 million in a Series C round in October 2025; valuation was not disclosed. The round was led by Venrock Healthcare Capital Partners. The financing will advance Tubulis's antibody-drug conjugate pipeline toward clinical and commercial milestones.
Tubulis — key deal facts
| Company | Tubulis |
| Founded | 2012 |
| Headquarters | Munich (Planegg-Martinsried), Germany |
| Amount raised | EUR 308m |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | Led by Venrock Healthcare Capital Partners, with participation from Wellington Management and Ascenta Capital, alongside existing investors including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, OCCIDENT, Seventure Partners, and HTGF. |
| Sectors | Biotechnology |
Who invested in Tubulis?
Venrock Healthcare Capital Partners led the round, with Wellington Management and Ascenta Capital joining as new investors. Existing backers including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, OCCIDENT, Seventure Partners, and HTGF also participated. The syndicate spans specialist life sciences funds, large-scale institutional asset managers, and European public-sector investors, reflecting broad conviction across both clinical and commercial risk profiles.
What does Tubulis do?
Tubulis is a Munich-based biotechnology company founded in 2018 by Dr. Dominik Schumacher (CEO) and Dr. Jonas Helma-Smets (CSO). The company develops next-generation antibody-drug conjugates (ADCs) for solid and hematologic tumors. Its proprietary platforms — P5 conjugation, Tubutecan, and Alco5 — are designed to produce ultra-stable ADCs with high drug-to-antibody ratios and reduced off-target toxicity. Lead pipeline assets include TUB-040, targeting NaPi2b in ovarian and lung cancer, and TUB-030, targeting 5T4 across solid tumor indications.
Tubulis valuation & multiples
No verified multiples analysis is available for this transaction, as valuation was not disclosed. Once comparable disclosed transactions in the ADC and broader oncology biotechnology sector are available, EV/Sales and EV/EBITDA benchmarks can be applied to contextualize the implied pricing. Visit the Venionaire DealMatrix biotechnology sector multiples pages for current trading and transaction comparables.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Tubulis raise in its Series C?
Tubulis raised EUR 308 million in its Series C round in October 2025.
What is Tubulis's valuation?
Tubulis's valuation was not disclosed as part of the Series C announcement.
Who invested in Tubulis?
The round was led by Venrock Healthcare Capital Partners, with Wellington Management and Ascenta Capital as new investors, and existing investors including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, OCCIDENT, Seventure Partners, and HTGF.
When was Tubulis founded and where is it based?
Tubulis was founded in 2018 and is headquartered in Planegg-Martinsried, Munich, Germany.
Source: original announcement — read the full report.