Swiss pharmaceutical company Novartis has agreed to acquire Myricx Bio, a London-based biotech firm specializing in antibody-drug conjugates (ADCs), in a transaction valued at up to $1.5 billion. The deal includes an initial upfront payment of $1.1 billion, with additional milestone payments that could increase the total price.
Founded in 2019 by academic entrepreneurs Ed Tate, Roberto Solari, and Andrew Bell, Myricx Bio originated from Imperial College London and the Francis Crick Institute. The company focuses on developing novel “payloads” for ADCs, which are designed to target cancer cells and deliver chemotherapy directly to tumors while minimizing damage to healthy tissues. Central to Myricx’s pipeline is a platform based on N-myristoyltransferase (NMT) inhibitors—an enzyme critical for cancer cell survival—aimed at overcoming limitations of existing ADC therapies related to resistance and toxicity.
Mohit Rawat, who became Myricx’s chief executive last year, stated the acquisition reflects the “transformative promise” of the company’s technology to advance next-generation cancer treatments. He highlighted a significant unmet need for new ADC payloads capable of improving patient outcomes by addressing current challenges such as treatment resistance and dose-limiting toxicities.
Prior to the acquisition, Tate served as Myricx’s chief scientific officer and now chairs its scientific advisory board; Solari was chief executive until August 2022, and Bell continues as a chemistry consultant. All three remain shareholders, holding minority stakes of approximately 2 percent, 1.3 percent, and 0.5 percent respectively.
Myricx has attracted significant backing from prominent investors, including Cancer Research UK, Brandon Capital, Sofinnova Partners, Novo Holdings, and Abingworth. In 2024, the company completed a £90 million Series A funding round led by Novo Holdings and Abingworth, with additional participation from the British Business Bank, Cancer Research Horizons, Eli Lilly, and existing investors. These investments supported the expansion of Myricx’s research operations and drug development pipeline.
Antoine Papiernik, chairman and managing partner at Sofinnova, described Myricx as a strong example of European life sciences innovation emerging from a combination of world-class academic research and venture capital support. Papiernik emphasized that Novartis’s acquisition validates Myricx’s technology while underscoring the importance of sustained investment in European biotech.
The deal arrives amid growing concern across Europe about the region’s ability to nurture and retain life sciences innovation in competition with global players in the United States and China. Industry figures and policymakers have called for increased capital inflows to strengthen European biotech, with initiatives such as the European Life Sciences Coalition, launched earlier this year by investors including Novo Holdings and Sofinnova, aiming to mobilize more funding to prevent the sector from losing momentum.