Novartis to buy UK biotech Myricx Bio for up to $1.5B

Novartis ↗ 3.74% announced on Monday it has agreed to acquire UK-based biotechnology firm Myricx Bio for up to $1.5 billion, adding a novel cancer drug platform to its oncology pipeline as competition intensifies in the antibody-drug conjugate space.

Deal Structure

Under the terms of the agreement, Novartis will pay $1.1 billion in upfront cash, with up to $400 million in additional milestone payments, according to the company's press release. The transaction is expected to close in the second half of 2026, subject to customary closing conditions including regulatory approvals.wsj+1

A Novel ADC Payload Platform

Myricx Bio, founded as a spinout from Imperial College London and the Francis Crick Institute, has developed a proprietary N-myristoyltransferase inhibitor (NMTi) payload platform designed to overcome limitations of commonly used ADC payload classes such as TOPO-1 and tubulin inhibitors. NMT is an enzyme that plays a key role in cancer cell survival, and the company's platform is designed to deliver more potent, better-tolerated next-generation ADC therapeutics across multiple tumor settings.novoholdings+1

"There is a widely recognised and critical unmet need for new ADC payloads that can improve the standard of care over current payloads, overcome payload resistance, improve tolerability and offer a wider therapeutic index," said Mohit Rawat, chief executive of Myricx Bio.novoholdings

The company raised $114 million in a Series A round in 2024, co-led by Novo Holdings and Abingworth, with participation from Brandon Capital, Sofinnova Partners, British Business Bank, Cancer Research Horizons, and Eli Lilly ↗ 1.86% Ventures.novoholdings

Strategic Context

The acquisition reflects Novartis's push to strengthen its position in the rapidly growing ADC market, where competitors are racing to develop more effective cancer therapies. ADCs work by linking potent cell-killing drugs to antibodies that target specific cancer cells, sparing healthy tissue.

Myricx Bio's approach offers what the company describes as an "orthogonal and differentiated mode of action" compared to existing payload technologies, potentially broadening the range of cancers treatable with ADCs. The deal marks a substantial return for early-stage investors in the London-headquartered company, which was less than three years removed from its Series A financing.novoholdings