Global pharmaceutical giant Novartis has announced its agreement to acquire Myricx Bio, a UK-based oncology firm, in a deal valued at up to US$1.5 billion. The acquisition marks a significant milestone for Myricx Bio's novel antibody-drug conjugate (ADC) platform and a major exit for its founding investor, Brandon Capital. This transaction underscores the growing importance of ADC technology in the development of next-generation cancer therapies.
A Landmark Deal in Oncology
The transaction includes an upfront cash payment of US$1.1 billion, with an additional US$400 million in potential milestone payments. For Novartis, this acquisition strategically enhances its oncology portfolio by integrating Myricx Bio's promising pre-clinical assets. The deal, expected to close in the second half of 2026, signals strong confidence in Myricx's innovative approach to treating solid tumours.
Myricx Bio specializes in developing a new class of payloads for ADCs based on N-myristoyltransferase inhibitors (NMTi). This platform aims to overcome common challenges with existing ADCs, such as drug resistance and toxicity, by offering a unique mechanism of action. The technology combines the precise targeting of antibodies with the potent tumour-killing power of its proprietary small-molecule payloads.
Brandon Capital's Strategic Venture
Brandon Capital, a leading Australasian life sciences venture capital firm, was instrumental in Myricx Bio's creation and early development. The firm acted as a joint founding seed investor in 2019 after the company was spun out from Imperial College London and the Francis Crick Institute. Brandon Capital Venture Partner Dr. Roberto Solari served as the company's founding CEO, guiding its initial strategy.
A crucial turning point came in 2023 when Brandon Capital supported Myricx Bio's strategic pivot to focus on the potential of NMTis as ADC payloads. Brandon Capital Partner Dr. Jonathan Tobin joined as an Executive Director to help build the necessary internal expertise for this transformation. This hands-on involvement was critical in reshaping the company's research and development direction towards a high-growth area.
This strategic shift culminated in a successful £90 million Series A financing round in 2024, which was co-led by Novo Holdings and Abingworth. The round attracted new investors and demonstrated growing market validation for the company's ADC platform. Under the leadership of CEO Mohit Rawat, Myricx Bio effectively advanced its technology, leading directly to the groundbreaking Novartis acquisition.
Implications for the Life Sciences Sector
Mohit Rawat, CEO of Myricx Bio, stated that the acquisition is a tremendous endorsement of the company's NMTi-ADC platform and its potential to transform cancer treatment. He noted the critical need for new ADC payloads that can improve tolerability and overcome resistance. This sentiment was echoed by Brandon Capital's Dr. Jonathan Tobin, who highlighted the platform's promise as a next-generation ADC technology.
The exit will generate a substantial return for Brandon Capital's investors, which include prominent Australian superannuation funds like Hostplus, HESTA, and Aware Super. This outcome showcases the venture capital model's ability to convert pioneering academic research into commercially valuable assets. It also reinforces the financial viability of long-term investment in the high-risk, high-reward life sciences sector.
According to Dr. Stephen Thompson, Managing Partner at Brandon Capital, the success of Myricx Bio exemplifies the firm's core mission. He described the company as a bold, first-in-class therapeutic platform that delivered both exceptional investor returns and meaningful potential benefits for patients. This successful exit positions the firm to continue backing the next wave of innovative biomedical companies.
The acquisition of Myricx Bio by Novartis represents a major validation of innovative ADC technology and a significant achievement for the venture capital ecosystem that nurtured it. This deal not only promises to advance the development of more effective cancer therapies but also highlights the power of strategic investment in translating breakthrough science into tangible outcomes. It stands as a testament to the collaborative efforts of researchers, investors, and corporate leaders in the global life sciences industry.