Novartis to acquire London biotech Myricx Bio for up to $1.5bn

Key facts

• Novartis will acquire London-based biotech Myricx Bio for up to $1.5 billion.
• The deal comprises an upfront payment of $1.1 billion and up to $400 million in milestone payments.
• Myricx Bio is developing advanced antibody-drug conjugate (ADC) technology for cancer therapies.
• The acquisition aims to enhance Novartis' oncology pipeline and precision medicine offerings.
• Myricx Bio was established in 2019 as a spinout from Imperial College London and the Francis Crick Institute.

Swiss pharmaceutical giant Novartis has agreed to acquire London-based biotech firm Myricx Bio for up to $1.5 billion, signaling continued investment in promising biotech companies amid significant patent expiries anticipated over the next decade. The deal involves an upfront payment of $1.1 billion, with an additional $400 million contingent on development milestones.

Myricx Bio, a spinout from Imperial College London and the Francis Crick Institute founded in 2019, is focused on developing next-generation antibody-drug conjugate (ADC) technology aimed at improving the efficacy of cancer treatments while reducing side effects and overcoming resistance.

Novartis stated that the acquisition will strengthen its oncology pipeline and broaden its portfolio of precision medicines. Fiona Marshall, president of biomedical research at Novartis, highlighted the need for new payload mechanisms in ADCs to enhance patient outcomes. Myricx CEO Mohit Rawat described the agreement as a significant endorsement of the company's technology and team.

This transaction follows a £90 million funding round completed by Myricx in 2024, supported by investors including Novo Holdings, Eli Lilly, the British Business Bank, Cancer Research Horizons, and Sofinnova Partners. Healthcare equity analyst Dr. Sean Conroy noted that such acquisitions demonstrate pharma companies' willingness to invest in external innovation to navigate an estimated $450 billion patent cliff over the coming decade, while also underscoring the UK's strength as a hub for life sciences innovation.