Sanofi and Lilly Back AdvanCell’s $315M Radiopharmaceutical Expansion as ADVC001 Moves Towards Late-Stage Development

Funding round will support development of lead targeted alpha therapy ADVC001 in metastatic prostate cancer and expand Lead-212 manufacturing capabilities.

AdvanCell has raised $315 million in a Series D financing round backed by major pharmaceutical players including Sanofi and Eli Lilly, as the radiopharmaceutical developer advances its targeted alpha therapy pipeline towards late-stage clinical development.

The financing, led by Ally Bridge Group and co-led by Alpha Wave, will support the continued development of AdvanCell’s lead programme, ADVC001, a Lead-212-based radiopharmaceutical currently being evaluated in metastatic prostate cancer.

The latest investment builds on growing industry confidence in AdvanCell’s approach to targeted alpha therapies, following Sanofi’s venture arm co-leading the company’s $112 million Series C financing in 2025.

The move also follows a strategic collaboration announced between AdvanCell and Lilly, combining AdvanCell’s Lead-212 production capabilities and radionuclide infrastructure with Lilly’s drug development expertise to accelerate the development of targeted alpha therapies.

Advancing a New Generation of Radiopharmaceuticals

Radiopharmaceuticals have emerged as a major area of oncology investment, using radioactive isotopes attached to targeting molecules to selectively deliver cancer-killing radiation directly to tumour cells.

AdvanCell’s technology platform is focused on the scalable and automated production of Lead-212, a promising isotope for targeted alpha therapy applications.

The company’s lead candidate, ADVC001, is a Lead-212 PSMA-targeted alpha therapy designed for patients with metastatic prostate cancer.

The therapy is currently being evaluated in a Phase II clinical trial, with the latest funding expected to support progression towards Phase III development.

AdvanCell is also using the financing to expand its isotope manufacturing infrastructure in the US, addressing one of the key challenges facing the broader radiopharmaceutical sector: reliable, scalable production capacity.

Targeting Challenges in Existing Radioligand Therapies

Current PSMA-targeted radioligand therapies have demonstrated clinical benefits in prostate cancer, but challenges remain around treatment resistance, tolerability and optimising dosing strategies.

AdvanCell believes targeted alpha therapy could help address some of these limitations by delivering highly potent radiation directly to cancer cells while reducing exposure to surrounding healthy tissue.

The company’s approach uses Lead-212, which releases alpha particles capable of causing significant tumour cell damage over a short range.

This targeted mechanism could potentially improve the therapeutic window compared with broader radiation approaches.

Pharma Interest in Radiopharmaceutical Infrastructure

The latest financing highlights increasing pharmaceutical interest in radiopharmaceutical platforms, particularly those with the manufacturing capabilities required to support commercial-scale development.

“The most enduring healthcare companies combine breakthrough science with the infrastructure and expertise to repeatedly develop new medicines,” said Nik Economopoulos, director of life sciences investments at Alpha Wave.

“We believe AdvanCell is building that kind of generational company, with the platform, manufacturing capabilities and pipeline to unlock the full potential of targeted alpha therapies.”

Expanding Investor Support

Alongside Sanofi and Lilly, the Series D financing included participation from new investors including Bain Capital Life Sciences, Fidelity Management & Research Company, T. Rowe Price Associates, Eventide Asset Management and Velosity Capital.

Existing investors including Morningside, SV Health Investors, Abingworth, SymBiosis, Tenmile, Brandon Capital, Piper Heartland, Catalio Capital Management, Proto Axiom and Time BioVentures also participated.

With ADVC001 approaching later-stage development and investment accelerating across the radiopharmaceutical landscape, AdvanCell is positioning itself at the intersection of oncology innovation and critical manufacturing infrastructure.

The company’s progress reflects a wider industry shift towards precision cancer therapies designed not only around new biological targets, but also around the ability to manufacture and deliver increasingly complex treatments at scale.

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