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.”
Other articles about Novartis and Myricx Bio on OncoDaily.