Novartis to buy UK's Myricx Bio for up to $1.5B to expand cancer ADC pipeline

What's the deal? NovartisDealroom has a profile for this one. Try Dealroom → has agreed to acquire UK biotech Myricx Bio for up to $1.5 billion, including $1.1 billion in cash upfront plus milestone payments. The deal brings Novartis two lead solid-tumour ADC programs and Myricx's N-myristoyltransferase inhibitor (NMTi) payload platform.

What each side brings: Myricx, spun out of Imperial College LondonDealroom has a profile for this one. Try Dealroom → and the Francis Crick InstituteDealroom has a profile for this one. Try Dealroom → in 2019, develops a novel class of payloads for antibody-drug conjugates (ADCs) — drugs that pair the targeting precision of antibodies with tumour-killing small molecules. Novartis contributes global oncology development and commercial scale.

What's the endgame? Myricx's NMTi payload uses a differentiated mechanism aimed at addressing the limits of common ADC classes such as TOPO-1 and tubulin inhibitors. Its lead pre-clinical assets target B7-H3 and HER2, with potential across multiple solid tumours.

Why now? ADCs have become a central battleground in oncology, and big pharma is racing to secure enabling technologies rather than single drugs. "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.

What could go wrong? Myricx's programs are still in early, pre-clinical development, meaning the platform's promise is unproven in humans. Much of the deal's value sits in milestone payments tied to progress that may not materialise.

The venture angle: The exit delivers a significant return for early backers. Myricx was seeded in 2019 by Brandon CapitalDealroom has a profile for this one. Try Dealroom → and Sofinnova Partners, and raised £90m ($114m) in a mid-2024 Series A led by Novo HoldingsDealroom has a profile for this one. Try Dealroom → and AbingworthDealroom has a profile for this one. Try Dealroom →, with British Business Bank, Cancer Research HorizonsDealroom has a profile for this one. Try Dealroom →, and Eli LillyDealroom has a profile for this one. Try Dealroom → joining.

The signal: Novartis is betting on a next-generation payload platform, not a late-stage asset — a sign of how ADC deal-making has shifted toward differentiated technologies that could overcome the resistance and toxicity limits of traditional cytotoxic ADCs.

Read more: Novartis, FierceBiotech, Myricx Bio, Business Insider