Novartis to acquire UK cancer biotech Myricx Bio for up to $1.5 billion

The acquisition

Novartis has agreed to acquire London-based Myricx Bio for $1.1 billion upfront, with up to $400 million in additional payments tied to future milestones. The total deal value could reach $1.5 billion. The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals.

Myricx's ADC platform

Myricx Bio is developing a new class of antibody-drug conjugates (ADCs) that use N-myristoyltransferase inhibitors (NMTi) as payloads. NMT is an enzyme that supports the function of key proteins within cells, essential for tumour cell growth and survival. By inhibiting NMT, Myricx's payload is designed to disrupt critical processes on which cancer cells depend. The company has two preclinical lead candidates against the cancer targets B7-H3 and HER2, along with a technology platform that could be applied to additional tumour types. Preclinical data suggest the NMTi payload has broad activity against solid tumours, potentially overcoming resistance to existing ADC therapies.

Strategic fit for Novartis

The acquisition strengthens Novartis's oncology pipeline, where the company has been investing in innovative platforms such as radioligand therapy. ADCs have become an important part of cancer treatment, but there remains a need for new mechanisms to address resistance. Fiona Marshall, president of biomedical research at Novartis, said the deal reflects the company's strategy to scale innovative platforms.

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. Myricx Bio has developed a promising NMTi payload platform with a differentiated mechanism that could expand the use of ADCs in various tumour settings.

This proposed acquisition reflects our strategy to scale innovative platforms, as we have with radioligand therapies, to deliver more durable, transformative treatments for patients.

Market reaction

Novartis shares rose 0.5 per cent in early trading on the Swiss stock exchange on Monday following the announcement.

Myricx's origins and backers

Myricx Bio was founded in 2019 as a spin-off from Imperial College London and the Francis Crick Institute. In 2024, the company raised £90 million (96 million Swiss francs) in a funding round that included investors such as Novo Holdings, Eli Lilly, and Sofinnova Partners. The company is headquartered in London.