Novartis has agreed to acquire UK biotech Myricx Bio for up to $1.5 billion, strengthening its oncology pipeline with a next-generation antibody-drug conjugate platform.

Novartis has agreed to acquire UK-headquartered Myricx Bio in a deal worth up to $1.5 billion, expanding its oncology portfolio with a next-generation antibody-drug conjugate (ADC) platform designed to improve cancer treatment.

The transaction includes $1.1 billion in upfront cash, with additional milestone payments bringing the total potential value of the deal to $1.5 billion. The acquisition is expected to close during the second half of 2026, subject to customary closing conditions and regulatory approvals.

Myricx Bio is developing a novel class of ADC payloads based on N-myristoyltransferase inhibitors (NMTi), which are designed to overcome some of the limitations associated with earlier generations of ADCs. The company believes its first-in-class platform has the potential to improve the therapeutic index of these targeted cancer therapies by delivering more effective treatment while reducing toxicity.

The company’s two lead ADC programmes target the established oncology markers B7-H3 and HER2, with the aim of treating a broad range of solid tumours where significant unmet medical need remains.

The acquisition brings together Novartis’ established oncology development and commercial capabilities with Myricx Bio’s differentiated ADC technology as interest in next-generation antibody-drug conjugates continues to grow across the pharmaceutical industry.

Founded in 2019 following research originating at Imperial College London and the Francis Crick Institute, Myricx Bio has focused on developing NMTi payloads for antibody-drug conjugates. The company received seed backing from Sofinnova Partners and Brandon Capital before completing a £90 million Series A financing in 2024 led by Novo Holdings and Abingworth.

Mohit Rawat, chief executive officer of Myricx Bio, said: “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.”

Sofinnova Partners, which co-led the company’s seed investment and remained an investor throughout its development, described the acquisition as validation of the technology platform and the long-term value created through early-stage investment in European biotechnology.

Antoine Papiernik, chairman and managing partner of Sofinnova Partners, said: “Myricx Bio is a powerful example of what European life sciences can produce when you combine world-class academic science with the right venture support from the very beginning. This acquisition by Novartis is not only a validation of Myricx Bio’s platform but a demonstration of what is possible when Europe backs its own innovation with conviction. That is precisely what Sofinnova exists to do.”

ADCs have become one of the fastest-growing areas of oncology drug development, combining the precision of targeted antibodies with highly potent therapeutic payloads. Developers are increasingly focusing on new payload technologies that could improve efficacy while reducing the side effects associated with earlier generations of these therapies.

The acquisition further strengthens Novartis’ oncology pipeline and reflects continued industry investment in innovative ADC technologies aimed at expanding treatment options for patients with solid tumours.