A $1.5 billion deal, in which Swiss giant Novartis acquires British Myricx Bio, promises to rewrite the boundaries of oncology therapies through next-generation technology aimed at overcoming current drug resistances.
The agreement confirms the strong interest trend of large companies in British start-ups, following similar deals such as Merck’s $10 billion acquisition of Verona Pharma and Amgen’s acquisition of Dark Blue Therapeutics, with a potential deal value of up to $840 million.
DETAILS OF THE ACQUISITION
Novartis structured the deal providing for an initial payment of $1.1 billion at the closing of the transaction, expected in the second half of 2026, with an additional $400 million potentially payable upon achievement of specific development milestones.
The transaction, notes Bloomberg, fits into the strategic vision of CEO Vas Narasimhan, who aims to strengthen the group’s portfolio in key areas such as oncology, neuroscience, and cardiovascular diseases.
Fiona Marshall, Head of Biomedical Research at Novartis, emphasized that “antibody-drug conjugates have become a fundamental component of cancer treatment, but there is still a significant need for new payload mechanisms to overcome resistance and expand patient benefit.” With the acquisition, Novartis will therefore have a cytotoxic mechanism differentiated from the most common classes today, such as topoisomerase I (TOPO-1) inhibitors.
WHAT MYRICX BIO DOES
The London-based company specializes in developing a new class of antibody-drug conjugates (ADCs) that use inhibitors of the enzyme N-myristoyltransferase (NMTi) as payloads. N-myristoyltransferase (NMT) is an enzyme that catalyzes myristoylation, a lipid modification affecting about 150 proteins in the human genome and essential for the survival and growth of cancer cells.
Myricx’s technology platform aims to disrupt critical processes such as growth factor signaling and cancer cell metabolism. Preclinical data, Novartis states in the press release, indicate significant activity against various solid tumors, demonstrating efficacy even in models resistant to currently available ADCs.
Currently, adds Bloomberg, the company is working on two main candidates aimed at targeting HER2 and B7-H3 proteins, frequently expressed in lung and breast tumors.
WHO IS BEHIND IT
Founded in 2019, Myricx Bio was born as a spin-off to capitalize on research conducted at Imperial College London and the Francis Crick Institute. The founders are Ed Tate, Roberto Solari, and Andrew Bell, who collaborated to validate N-myristoyltransferase as a pharmacological target in oncology.
With offices and laboratories located at the London Innovation Centre in Canary Wharf and a presence in Boston, the company represents one of the most recent cases of British excellence acquisitions by foreign pharmaceutical groups. According to Marshall, “Myricx Bio has developed a promising platform based on NMTi payloads with a distinctive mechanism of action that could extend the use of ADCs across multiple tumor types.”
COMPANY LEADERSHIP AND MANAGEMENT
Leading Myricx Bio are experts with extensive backgrounds in the biopharmaceutical industry and conjugated drug development. Since September 2025, Mohit Rawat has served as CEO, bringing experience gained at Fusion Pharmaceuticals, acquired by AstraZeneca for $2.4 billion, as well as previous roles at Novartis and Abbvie.
The scientific direction is entrusted to Italian Francesca Zammarchi, Chief Scientific Officer with over twenty years of experience in cancer biology and ADCs, previously at ADC Therapeutics. Other key leadership members include Robin Carr, CTO and former executive at GSK and Astex Therapeutics, Julie Mead, COO and CFO, and Steen Lisby, CMO.
BOARD OF DIRECTORS AND INVESTORS
The Board of Directors is chaired by Chris Martin, a pioneer in the ADC sector and co-founder of ADC Therapeutics and Spirogen. Non-executive directors include Michael Bauer of Novo Holdings, Maina Bhaman of Sofinnova Partners, Jayson Punwani of Abingworth, and Jonathan Tobin of Brandon Capital.
The investor group includes major life sciences specialists such as Sofinnova Partners, Brandon Capital, Novo Holdings, Abingworth (part of the Carlyle group), and multinational Eli Lilly. The investment also involves the British Business Bank and Cancer Research Horizons, the innovation arm of Cancer Research UK.
