Novartis to Acquire Myricx Bio in Up to $1.5 Billion Deal

Myricx Bio is a UK-based biotechnology company that develops new technologies for antibody-drug conjugates (ADCs), a type of targeted cancer treatment. The company focuses on creating innovative drug payloads that are designed to be safer and more effective than older ADC technologies.

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Its two main drug candidates target B7-H3 and HER2, two proteins linked to several solid cancers. These treatments are being developed to help patients with cancers that have limited treatment options and to reduce the side effects seen with earlier ADC therapies.

Myricx Bio was founded in 2019 after being spun out from Imperial College London and the Francis Crick Institute, with support from Cancer Research UK. The company was founded by Professor Ed Tate, Roberto Solari, and Andrew Bell, with early funding from Sofinnova Partners and Brandon Capital.

With this acquisition, Novartis will combine its global expertise in cancer research and drug development with Myricx Bio's advanced ADC technology. Together, they aim to speed up the development of more effective and better-tolerated cancer treatments for patients around the world.

"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,” noted Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners.

"I first met Roberto and Ed at Imperial, long before any of this existed. The team at Myricx Bio has executed with exceptional discipline and ambition ever since, evolving the company from a seed hypothesis to a Novartis acquisition, and supporting them along that journey has been one of the great privileges of my career. This is the outcome our model is built to deliver: identifying exceptional science and people early and supporting them at every stage,” highlighted Maina Bhaman, Partner at Sofinnova Partners.

Mohit Rawat, CEO 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.”

Myricx Bio is a private biotechnology company that develops new treatments for cancer. The company has created a new type of technology for antibody-drug conjugates (ADCs), using a unique approach that targets an enzyme called N-myristoyltransferase (NMT).

Myricx Bio was founded as a spin-out from Imperial College London and the Francis Crick Institute. The company is headquartered in London and has teams in both the UK and the United States. It is backed by several investors, including Abingworth, Brandon Capital Partners, British Business Bank, Cancer Research Horizons, Eli Lilly, Novo Holdings, and Sofinnova Partners.

Sofinnova Partners is a leading European venture capital firm that invests in life sciences, healthcare, and sustainability companies. It has offices in Paris, London, and Milan, and its team includes experts with strong scientific, medical, and business experience.

Founded in 1972, Sofinnova Partners has more than 50 years of experience supporting innovative companies. The firm has invested in over 500 businesses, manages more than €4 billion in assets, and helps companies grow from the early stages to later stages of development.