Mohit Rawat, Chief Executive Officer at Myricx Bio, shared a post on LinkedIn:
“Today marks a transformative step forward in oncology drug development.
Myricx Bio + Novartis
I am immensely proud and excited to announce that we have reached agreement for Myricx Bio to be acquired by Novartis to advance next-generation ADC payloads for oncology with our 1st-in-class N-myristoyltransferase inhibitor (NMTi) ADC platform.
The transaction is valued at up to $1.5 billion including $1.1 billion cash upfront plus potential milestone payments.
There is a widely recognized and critical unmet need for new ADC payloads that can improve the standard of care with current payloads, and we are delighted that Novartis recognizes this transformative potential of our NMTi-ADC platform with the goal of providing more effective and better tolerated therapeutic options for cancer patients.
Huge thanks to the Myricx Bio team who have worked tirelessly and at pace to advance our scientific understanding, platform innovation, pipeline development and clinical plans.
None of this would have been possible without the creativity and insights of our co-founders Ed Tate, Roberto Solari and Andy Bell, and the leadership and achievements of my predecessor CEO, now Myricx Bio CTO Robin Carr.
I am grateful to the guidance of our Chair Chris Martin and the support of our board Jayson Punwani, Jonathan Tobin, Maina Bhaman, Michael Karl Bauer. And the backing of our investors who believed in the potential of our founders, our team and our NMTi platform Abingworth, Brandon Capital, Sofinnova Partners, Novo Holdings, British Business Bank, Cancer Research Horizons, Eli Lilly and Company.
Looking forward to a better future for cancer patients.
Read the Myricx announcement
Read the Novartis announcement”
Novartis also shared a post on LinkedIn, adding:
“Novartis has agreed to acquire Myricx Bio (“Myricx”), a privately held UK-based biotechnology company developing a new class of antibody-drug conjugates (ADCs) using N-myristoyltransferase inhibitor (NMTi) payloads.
Myricx is developing 2 lead assets directed towards the targets B7-H3 and HER2, with potential across various solid tumor settings. Myricx’s approach is designed to deliver a cancer-killing payload that works differently from many ADCs in use or development today.
The proposed acquisition strengthens the Novartis oncology pipeline with the exciting potential to establish an innovative and novel ADC payload platform across multiple targets and cancer types.
Novartis, reimagining medicine in oncology.”
Susanne Kreutz, Global Head of Corporate and Business Development at Novartis, also added:
“I am excited to share that Novartis has agreed to acquire Myricx Bio, reinforcing our oncology pipeline with two lead ADC assets and a broader payload platform having potential impact across multiple solid tumor settings.
This next generation of Antibody Drug Conjugates involves a novel NMTi payload designed to potentially address resistance to current payloads, thus expanding the possible options for patients living with cancer and giving us the opportunity to perhaps establish a completely new class of ADC payloads. Reimagining oncology through breakthrough innovation.
Congratulations to everybody involved!
Iain Foulkes, Executive Director of Research and Innovation; CEO of Cancer Research Horizons at Cancer Research UK, also shared his thoughts on LinkedIn:
“Pleased to see Myricx Bio reach this important milestone with its agreement to be acquired by Novartis.
The story behind Myricx Bio stretches back much further than today’s announcement. The science that underpins the company is rooted in many years of research into N-myristoyltransferase, including work led by Ed Tate at Imperial College London and The Francis Crick Institute and supported by Cancer Research UK (CRUK). CRUK backed this research over many years, helping to build understanding of a novel biological mechanism and laying foundations that ultimately contributed to the creation of Myricx Bio.
One of the biggest challenges in cancer research is ensuring that promising discoveries have the opportunity to progress towards patients.
That was part of the thinking behind the Cancer Research Horizons Seed Fund. We wanted to support ambitious science at a stage where there is still significant scientific and commercial uncertainty, and help companies build the momentum needed to attract further investment and development support.
Our investment in Myricx Bio came at an important point in the company’s growth, supporting progress towards what became one of Europe’s largest Series A funding rounds in 2024.
This transaction also marks the first exit from our Seed Fund since its launch in 2022. It reflects the value of taking a long-term approach to translation, supporting the journey from research and intellectual property through to company growth and development.
Importantly, any returns generated by the fund will be reinvested into future research and discovery, helping to support the next generation of cancer innovations.
I look forward to seeing how the Myricx platform develops in the years ahead.
Michelle Mitchell, Chief Executive at Cancer Research UK (CRUK), added:
“A genuinely exciting moment for Myricx Bio.
It’s taken years of curiosity, persistence and belief to get here – from early research through to a company with real momentum behind it. We’re proud to have backed that ambition early and stayed alongside the team as the science developed.
Moments like this are a reminder of why it matters – because every step forward like this brings us closer to better outcomes for people affected by cancer.”
Other articles about Novartis and Myricx Bio on OncoDaily.