A San Diego biotech has set out to solve the formula for best-in-class antibody-drug conjugates, raising $120 million with support from Big Pharma Merck & Co. to fuel its efforts.

Solve Therapeutics’ new fundraise was led by oncology-focused VC Yosemite, with participation from new investors Abingworth and Merck, plus existing investors Alexandria Venture Investments and Citadel’s Surveyor Capital, among others.