Novartis to Buy UK's Myricx Bio in Deal Worth Up to $1.5 Billion

Novartis AG (NYSE:NVS) has agreed to acquire London-based Myricx Bio for $1.1 billion in cash upfront and up to $400 million in milestones, extending its push into targeted cancer therapies with a preclinical antibody-drug conjugate platform.

The Swiss drugmaker said on July 6 that the transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. Myricx is privately held.

The deal gives Novartis access to Myricx's N-myristoyltransferase inhibitor (NMTi) antibody-drug conjugate payload platform and two lead assets targeting B7-H3 and HER2. Novartis said the platform is designed to deliver a differentiated cancer-killing payload directly to tumour cells and to address resistance associated with common payload classes such as TOPO-1 inhibitors, with potential applications across multiple solid tumour settings.

Myricx has developed a class of selective cytotoxic ADC payloads based on inhibitors of N-myristoyltransferase, an enzyme target being explored to improve the therapeutic index of targeted cancer drugs. The company has said its platform showed preclinical efficacy and safety across multiple solid-tumour-associated antigens and cancer cell types.

The deal value stands out because Myricx remains preclinical. Several industry reports have said its first two programmes are due to enter clinical development before the end of the year, but the assets have not yet generated human efficacy data. That makes the $1.5 billion headline value a notable benchmark for platform-driven oncology acquisitions in which the buyer pays for mechanism novelty and future optionality rather than near-term revenue.

For Novartis, the transaction broadens an oncology strategy that already emphasises specialised treatment platforms, including radioligand therapies. The company said the acquisition reflects its strategy to scale innovative platforms and deliver more durable treatments for patients.

The purchase also comes as large pharmaceutical groups seek pipeline replenishment ahead of looming patent expirations. Differentiated ADC technologies have remained a focus for business development because they offer multiple options across tumour types and targets if the underlying payload chemistry proves clinically useful.

Myricx raised a £90 million Series A round in 2024 from backers including Novo Holdings, Abingworth, Brandon Capital, British Patient Capital, Cancer Research Horizons, Eli Lilly and Sofinnova Partners. Its origins trace to Imperial College London and the Francis Crick Institute.

Novartis shares were reported down about 2% on the day of the announcement.