Novartis to acquire UK’s Myricx Bio in US$1.5B deal to strengthen next-generation cancer drug pipeline

UK—Novartis has agreed to acquire UK-based biotechnology company Myricx Bio in a deal worth up to US$1.5 billion, strengthening its position in the rapidly growing field of antibody-drug conjugates (ADCs).

The transaction includes an upfront payment of US$1.1 billion and up to US$400 million in milestone-based payments.

The acquisition is expected to close during the second half of 2026, subject to customary closing conditions and regulatory approvals.

Expanding Novartis’ Oncology Portfolio

Myricx Bio develops next-generation ADCs designed to deliver cancer-killing drugs directly to tumour cells while limiting damage to healthy tissue.

Its platform uses N-myristoyltransferase inhibitor (NMTi) payloads, a novel approach that aims to overcome the shortcomings of commonly used ADC payloads such as topoisomerase-1 (TOPO-1) inhibitors.

The company’s pipeline includes two lead preclinical candidates targeting B7 homologue 3 (B7-H3) and human epidermal growth factor receptor 2 (HER2).

Both proteins are widely expressed in several solid tumours, giving the technology potential across multiple cancer types.

According to available preclinical findings, the NMTi payloads have demonstrated broad anti-tumour activity, including against cancers that have developed resistance to existing ADC therapies.

The acquisition also brings Myricx’s broader NMTi payload platform into Novartis’ oncology research portfolio.

If clinical studies confirm its promise, the platform could establish a new class of ADC payloads suitable for multiple therapeutic targets.

Focus on innovative cancer therapies

Fiona Marshall, President of Novartis Biomedical Research, said ADCs have become an increasingly important treatment option for many cancers.

However, she noted that patients still need new payload technologies to overcome treatment resistance and improve long-term outcomes.

She added that Myricx has built a differentiated NMTi platform with the potential to expand the use of ADCs across a wide range of tumours.

Marshall also said the proposed acquisition reflects Novartis’ strategy of investing in innovative technology platforms, similar to its expansion in radioligand therapies, to develop more durable and transformative cancer treatments.

Industry analysts noted that the sizeable upfront payment highlights Novartis’ confidence in Myricx’s technology despite its programmes remaining at the preclinical stage.

Founded in 2019 as a spinout from Imperial College London and the Francis Crick Institute, Myricx has attracted strong investor backing and has emerged as one of the UK’s leading oncology biotechnology companies.

Recent regulatory progress

The announcement follows another recent milestone for Novartis after the European Commission approved Itvisma for treating children aged two years and older, adolescents and adults with 5q spinal muscular atrophy who have a bi-allelic mutation in the survival motor neuron 1 gene.

The approval expands access to gene therapy for a broader group of patients living with the rare neuromuscular disease.