Novartis said it agreed to buy the UK biotech for up to $1.5 billion to strengthen its oncology pipeline with a new class of antibody-drug conjugates.
Novartis said it agreed to acquire UK-based Myricx Bio for $1.1 billion upfront, with up to $400 million in additional milestone payments, in a deal worth as much as $1.5 billion aimed at expanding its oncology capabilities. The Swiss drugmaker said Myricx is developing a new class of antibody-drug conjugates, or ADCs, designed to deliver differentiated cancer-killing mechanisms directly to tumor cells. The transaction adds to Novartis’ push into targeted cancer medicines and would bring in Myricx’s platform built around N-myristoyltransferase inhibitor payloads, including lead ADC programs aimed at B7-H3 and HER2. Novartis has said the approach could help address limits seen in existing ADC payload classes, including resistance and toxicity, across multiple solid tumor settings. The deal is expected to close in H2 2026, subject to customary conditions including regulatory approvals. Earlier disclosures around the acquisition said the sale is also set to mark a significant exit for Brandon Capital, which said it was a joint founding seed investor in 2019 and helped form Myricx Bio as a spinout from Imperial College London and the Francis Crick Institute.