Starpharma is an Australian biotechnology company focused on applying its proprietary Dendrimer Enhanced Product (DEP) platform to targeted oncology therapies. Dendrimers are precise nanoscale molecules that can be designed to carry drugs or radioactive payloads to tumour cells. Starpharma’s portfolio spans a lead radiopharmaceutical asset, clinical-stage oncology candidates, partnered programmes and marketed consumer health products.
There are four key reasons why Starpharma may be considered a compelling investment opportunity:
1. DEP HER2 Lu provides a clear near-term clinical catalyst.
Starpharma’s lead internal asset, DEP HER2 Lu is a human epidermal growth factor receptor 2 (HER2) targeted radiotherapy designed to deliver lutetium 177 directly to cancer cells. It is initially being developed for patients with advanced HER2 positive cancers, including gastric cancer, a disease in which patients with advanced disease have 5-year survival rates of only 7.5% leading to significant unmet need. Preclinical data has shown strong tumour uptake and retention, low kidney accumulation and short blood circulation time as well as statistically significant anti-tumour activity and survival benefit in HER2 positive preclinical models. This is important because off-target radiation, especially to the kidneys and blood, can limit clinical utility with such therapies. With Phase 1 preparations well advanced, the planned first in human study is expected to begin in H2 2026, which will provide the first clinical catalyst for this asset.
2. The DEP platform is clinically validated and has broad applicability.
The investment case is not limited to a single asset. Starpharma’s DEP technology has been used across more than 350 patients in multiple clinical programmes, with favourable results from Phase 2 studies of DEP SN38 and DEP Cabazitaxel. The platform is designed to address recurring causes of drug development failure by improving tumour exposure, toxicity profile and pharmacokinetics. Its modular nature enables Starpharma to vary payloads, targeting molecules, linkers, size and solubility, which creates potential applications across chemotherapy, radiopharmaceuticals and other emerging targeted therapies. Overall, the platform offers broad opportunities for value creation.
3. Strategic partnerships provide external validation and capital efficient upside.
Starpharma has secured three partnerships: with Genentech; Petalion (a joint venture involving Medicxi); and Radiopharm Theranostics. The Genentech agreement included an upfront payment of A$8m and gives Starpharma eligibility for up to A$864m in milestones, plus tiered royalties from resulting products. The Radiopharm collaboration has already achieved a milestone, triggering an option fee of A$0.5m, with potential for up to A$91m plus royalties, if the option is exercised and the programme advances. These relationships provide more than funding; they indicate that external specialists see value in applying the DEP platform to difficult drug delivery problems, while allowing Starpharma to pursue multiple partnered programmes without carrying all development costs itself.
4. A broader portfolio creates multiple routes to value.
Beyond its lead internal programme, Starpharma has clinical-stage assets ready for partnering. DEP SN38 has generated Phase 1 and Phase 2 data in heavily pretreated platinum resistant ovarian cancer patients, with findings published in the Journal of Clinical Oncology. The US FDA has also provided feedback supporting potential regulatory pathways including the potential for Fast Track designation and accelerated approval. DEP Cabazitaxel provides a second Phase 2 asset and further supports the clinical relevance of the DEP platform. In parallel, Star Navigator gives prospective partners a structured route to test the platform, while marketed products such as Viraleze nasal spray and VivaGel for bacterial vaginosis add commercial experience and supporting revenue streams. Together, these give Starpharma multiple opportunities to create value across owned assets, partnered programmes and commercial products.
In summary, Starpharma presents a differentiated investment case centred on a clinically validated dendrimer platform, a near-term radiopharmaceutical catalyst, external validation through partnerships and a broader portfolio with multiple paths to value creation.
Published 24 August 2026
