A venture creation model combining biologics discovery with company-building infrastructure positions AP Biosciences to extend its antibody platforms beyond its internal pipeline, while giving Delos Capital a biologics design partner for its NewCo incubation strategy.
Delos Capital, a Cambridge, Massachusetts-based life sciences investment firm, and AP Biosciences, Inc. (APBio), a clinical-stage biopharmaceutical company headquartered in Taipei, Taiwan, announced a strategic collaboration to incubate new biotech companies focused on next-generation antibody development, with an initial emphasis on autoimmune diseases using bi-specific and tri-specific antibody approaches.
Under the arrangement, Delos Capital will lead therapeutic ideation, financing, and strategic development through its Delos Foundry venture creation unit, with newly incubated entities structured as US-based companies. APBio will contribute its proprietary Omni-Mab and T-Cube antibody discovery platforms alongside full-stack R&D capabilities and operational infrastructure in Greater China, covering the path from discovery through clinical-stage translation. The stated goal is to advance programs to early clinical proof of concept in a capital-efficient model. No specific drug candidate, development code, or clinical trial was identified in the announcement, consistent with the collaboration’s pre-asset, company-building orientation.
APBio has a documented pattern of deploying its antibody platforms through external partnerships. In March 2026, the company finalized an amended collaboration agreement with Tasly Biopharmaceuticals to support global out-licensing of AP505 (B1962), a PD-L1 x VEGF bispecific antibody, building on an earlier deal in which Tasly received exclusive China development, production, and marketing rights for the asset in exchange for a USD 4.5 million upfront payment plus milestones and royalties. APBio has also previously out-licensed global rights to the bispecific antibody IBI302 to Innovent Biologics. The Delos collaboration extends this strategy into a venture creation format, using platform access as currency in a company-building model rather than a conventional asset licensing transaction.
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