Novartis to Buy Myricx Bio for Up to $1.5 Billion

Novartis to Buy Myricx Bio for Up to $1.5 Billion

Novartis has agreed to acquire Myricx Bio, a UK-based biotechnology company, in a deal valued at up to $1.5 billion. The transaction, announced Monday, July 6, 2026, includes $1.1 billion in upfront cash and up to $400 million in potential milestone payments.

The acquisition secures a next-generation antibody-drug conjugate (ADC) platform focused on N-myristoyltransferase (NMT) inhibitors. These payloads target the NMT enzyme, which is responsible for adding a specific lipid to proteins essential for the growth and survival of cancer cells. Novartis intends to use this "first-in-class" technology to overcome the toxicity and resistance limits associated with current ADC payload classes, such as tubulin and TOPO-1 inhibitors.

According to Myricx Bio, retreatment with ADCs using the same payload class often leads to poor outcomes, with a reduction in objective response rate of more than 50 percent. Additionally, more than half of leading ADC regimens require dose reductions or interruptions due to adverse effects. The NMTi platform offers a differentiated toxicity profile that may allow for higher and more durable dosing.

As part of the deal, Novartis acquires two lead pre-clinical ADC assets targeting HER2 and B7-H3. These targets are growth factors and checkpoint proteins highly expressed in various solid tumors, including prostate, breast, and lung cancers.

"ADCs have become an important part of cancer treatment, but there remains a clear need for new payload mechanisms to overcome resistance and expand their impact for patients,"

Fiona Marshall, President of Biomedical Research at Novartis, via Globe Newswire

Marshall stated that the acquisition reflects a strategy to scale innovative platforms, similar to the company's approach with radioligand therapies. Mohit Rawat, CEO of Myricx Bio, described the deal as a tremendous endorsement of the platform's leadership and its mission to provide better-tolerated therapeutic options.

Origins and Funding

Myricx Bio was founded in 2019 as a spin-out from the Francis Crick Institute and Imperial College London. The company was co-founded by Andrew Bell, Professor Ed Tate, and Roberto Solari, with support from Cancer Research UK.

Initial seed investment came from Brandon Capital and Sofinnova Partners. In mid-2024, the company raised £90 million ($114 million) in a Series A round led by Abingworth and Novo Holdings. Other participants in that round included Eli Lilly, Cancer Research Horizons, the British Business Bank, and Brandon Capital. This funding enabled the company to transition from small-molecule development to its current ADC platform and scale its operations across the UK and USA.

For Sofinnova Partners, this acquisition represents its seventh exit in three years. Antoine Papiernik, chairman and managing partner at the firm, said the deal demonstrates what can be achieved when Europe supports its own innovation.

A Pattern of Expansion

The purchase follows a series of aggressive acquisitions and partnerships by Novartis to bolster its oncology and immunology portfolios. Recent deals include:

• A $2 billion purchase of Pikavation Therapeutics in March for the breast cancer therapy SNV4818.
• A $105 million upfront agreement with Antares Therapeutics last month to advance therapies for difficult-to-treat cancers.
• A deal with Orionis Biosciences for up to $1.4 billion targeting several therapeutic areas via molecular glues.
• The acquisition of Excellergy for up to $2 billion in March for an anti-IgE allergy therapy.

Other reported activity includes the October 2025 acquisition of Avidity Biosciences for $12 billion and the September 2025 purchase of Tourmaline Bio for approximately $1.4 billion. In 2024, Novartis acquired the German firm MorphoSys for €2.7 billion ($2.9 billion).

The deal for Myricx Bio is expected to close in the second half of 2026, pending regulatory approvals and customary closing conditions.