“Guided missiles meet guided radiation.”

Oncology is entering a golden era where precision meets scalability. Antibody-drug conjugates (ADCs) deliver chemo-like potency directly to tumors, while radiopharmaceuticals deliver targeted isotopes with pinpoint accuracy. With new FDA approvals, expanded indications, and record-breaking deal flow, these therapies are establishing category dominance, and drawing billions in strategic capital.

Introduction

When Arjun’s father’s prostate cancer worsened, his family braced for bad news. Instead, the oncologist offered a new radioligand therapy targeting PSMA receptors, recently approved for earlier use. Meanwhile, Arjun’s cousin, a breast cancer survivor, found her online forum celebrating a breakthrough ADC that promised efficacy without chemo’s punishing side effects. Suddenly, acronyms like ADC and PSMA became symbols of hope, and investment.

ADCs Gain Momentum

ADCs represent the fastest-growing oncology segment, with new approvals from Pfizer, AbbVie, and others. These therapies combine antibodies with potent drug payloads, offering targeted delivery that reduces collateral damage. A $200B+ partnering wave reflects pharma’s pivot toward this modality.

Investment Link: ADC development depends on linker/payload IP, tumor-activated antibodies, and bispecific targeting platforms. Investors can gain exposure through IP-rich startups or platform licensing deals.

Radiopharma Expands Access

Radioligand therapies like Novartis’ Pluvicto received FDA approval in March 2025 for earlier-line treatment, tripling the eligible patient pool. Paired with new PSMA imaging diagnostics, the funnel for radiopharma is expanding dramatically.

Investment: Companion diagnostics and AI-based image analysis tools are crucial for market expansion and stratifying patients.

Supply-Chain Unlocks

A key bottleneck in radiopharma has been isotope supply, particularly Actinium-225. In 2025, the U.S. Department of Energy began supplying accelerator-produced Ac-225 for the first time in FDA-approved trials, easing the supply crunch and enabling broader clinical access.

Investment: Building CDMO and isotope capacity, from hot cells to last-mile logistics, creates durable economic moats.

Next-Gen Formats

Masked antibodies, modular linkers, and conditionally activated payloads are being engineered to expand therapeutic windows and reduce off-target toxicity. These innovations promise even safer and more effective therapies.

Investment: Early-stage biotech firms working on masked ADCs and modular payloads offer scalable IP that can be widely out-licensed.

Conclusion

Oncology’s supercycle is here. ADCs and radiopharma combine the precision of targeted therapy with industrial scalability. For investors, the winners will be those who underwrite manufacturing infrastructure, isotope supply chains, and diagnostic adoption.

References:

FDA approval of Dato-DXd
Novartis Pluvicto news
AJMC: Pluvicto expansion
AbbVie ADC pipeline
Adagene masked ADC collaboration