• Potential first-in-class N-myristoyltransferase inhibitor (NMTi) ADC payload with a differentiated mechanism of action
• Combines oncology expertise of Novartis with Myricx Bio’s novel ADC assets and platform having broad potential across multiple solid tumour types
• Transaction valued at up to $1.5 billion including $1.1 billion cash upfront
  
  

Myricx Bio, a UK-headquartered biotech company focusing on the discovery and development of a novel class of payloads for antibody-drug conjugates (ADCs), announced that it has reached agreement to be acquired by Novartis for up to $1.5 billion including $1.1 billion cash upfront plus potential milestone payments.

The acquisition advances ADC innovation by bringing together the strengths of Novartis in oncology with Myricx Bio’s two lead ADC assets and next-generation first-in-class N-myristoyltransferase inhibitor (NMTi) payload platform, having potential impact across multiple solid tumour settings.

Since its founding in 2019, Myricx Bio has translated its founders’ extensive research and world leading insights in NMT biology and chemistry into ADC payloads with a novel, orthogonal and differentiated mode of action to address limitations of commonly used ADC payload classes such as TOPO-1 and tubulin inhibitors. Myricx Bio has advanced a pre-clinical pipeline of proprietary NMTi-ADCs with lead assets directed towards established targets B7-H3 and HER2.

“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. We are delighted that Novartis recognises the transformative promise of our NMTi-ADC platform to deliver this next-generation of potential first-in-class, highly differentiated ADC therapeutics,” said Mohit Rawat, CEO of Myricx Bio. “This acquisition is a tremendous endorsement of the leadership of our NMTi-ADC platform, and the insights, innovation and achievements of our founders and team towards our mission of providing more effective and better tolerated therapeutic options for cancer patients. Together with Novartis, we look forward to building upon our work to transform the landscape of cancer treatment.”

“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,” said Fiona Marshall, President of Biomedical Research at Novartis. “Myricx Bio has developed a promising NMTi payload platform with a differentiated mechanism that could broaden the use of ADCs across multiple 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.”

Myricx Bio was spun out from Imperial College London and the Francis Crick Institute, by Professor Ed Tate Ph.D., Roberto Solari Ph.D. and Andrew Bell Ph.D., supported by Cancer Research UK, and backed by seed investment from Brandon Capital and Sofinnova Partners. Under the leadership of current Myricx Bio CTO, Robin Carr Ph.D., the company raised £90m ($114m) in a Series A in mid-2024 led by Novo Holdings and Abingworth who were joined by British Business Bank, Cancer Research Horizons and Eli Lilly, and existing investors. This enabled the company to scale its operations and expand the team to rapidly advance its pipeline. Mohit Rawat joined as CEO in 2025 to steer the company through pre-clinical development and its next stage of growth, leading to this groundbreaking deal.

The transaction is expected to close in H2 2026, subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals.

Goodwin was legal advisor to Myricx Bio through the transaction.