Novartis Drops $1.5B on ADC Upstart Myricx Bio, Betting Big on a Novel Payload Platform
Novartis is paying up to $1.5 billion for Myricx Bio and its next-gen NMTi payload platform, aiming to crack the resistance problem plaguing today’s antibody-drug conjugates.
Novartis has agreed to acquire UK-based antibody-drug conjugate (ADC) developer Myricx Bio for up to $1.5 billion, securing a next-generation NMTi payload platform and two early-stage ADC programs. U.S. markets were closed Wednesday for the Independence Day holiday. Eli Lilly (LLY) closed the prior session on July 6 at $1,200.06, down 1.14% from the previous close.
- The deal is worth up to $1.5 billion, including an $1.1 billion upfront payment and up to $400 million in potential milestone payments.[pharmaphorum]
- Myricx Bio’s core asset is its N-myristoyltransferase inhibitor (NMTi) payload platform, designed to overcome the resistance and toxicity issues of current ADC payloads like TOPO-1 inhibitors.[BioSpace]
- Myricx’s two lead ADCs target B7-H3 and HER2, both well-validated tumor-associated antigens.[pharmaphorum]
- The transaction is expected to close in the second half of 2026.[BioSpace]
- This is Novartis’s third acquisition in 2026, following the purchase of food allergy drug developer Excellergy (up to $2 billion) and another undisclosed target.[pharmaphorum]
- As of the July 6 close, Eli Lilly (LLY) was at $1,200.06, down 1.14% from its prior close of $1,213.91. U.S. markets were closed on July 7 for Independence Day, so this is the last available price with no real-time movement.
Novartis announced on July 6 it has reached an agreement to acquire UK-based biotech Myricx Bio for up to $1.5 billion. Under the terms, Novartis will pay $1.1 billion upfront and up to $400 million in milestones for Myricx Bio’s next-generation ADC payload platform and two lead ADC programs.[pharmaphorum] The deal is expected to close in the second half of 2026.[BioSpace]
Next-Gen NMTi Payload Platform: Breaking ADC Resistance
The centerpiece of the acquisition is Myricx Bio’s N-myristoyltransferase inhibitor (NMTi) payload platform. According to pharmaphorum, Myricx’s NMTi payloads target an enzyme critical for cancer cell survival that is responsible for specific lipid modifications of multiple protein targets.[pharmaphorum] Myricx claims its candidates have shown tumor regression in cancers that are resistant or unresponsive to existing payloads, including tubulin binders, topoisomerase inhibitors, and DNA-binding agents, with a differentiated toxicity profile.[pharmaphorum]
BioSpace noted that Myricx’s NMTi platform is designed to address the narrow therapeutic window and tolerability challenges of earlier ADC payloads like TOPO-1 and tubulin inhibitors.[BioSpace] Novartis explained in a statement that these NMTi payloads “disrupt critical processes that cancer cells rely on for survival” and have the “potential to address the limitations of common payload classes.”[BioSpace]
Two Lead ADC Programs: Targeting B7-H3 and HER2
Myricx Bio’s pipeline features two lead ADCs targeting B7-H3 and HER2. According to pharmaphorum, B7-H3 is an immune checkpoint protein and HER2 is a growth factor receptor, both highly expressed in multiple cancers and well-validated tumor-associated antigens.[pharmaphorum] BioSpace further reported that these candidates are designed to deliver differentiated NMTi payloads to a broad range of solid tumors, addressing areas of significant unmet medical need.[BioSpace]
Myricx Bio was founded in 2019 as a spin-out from Imperial College London and the Francis Crick Institute, with support from Cancer Research UK. It was co-founded by Professor Ed Tate, Roberto Solari, and Andrew Bell, with seed funding from Sofinnova Partners and Brandon Capital.[BioSpace] Last September, after closing a £90 million (~$114 million) Series A round, the company said it expected to move its lead candidate into human trials this year.[pharmaphorum]
Novartis’s Third Acquisition of 2026: Doubling Down on Oncology
This deal marks Novartis’s third acquisition in 2026. According to pharmaphorum, in March the company agreed to buy Palo Alto-based Excellergy for up to $2 billion, securing a portfolio of candidates for food allergies and other IgE-driven diseases.[pharmaphorum] That same month, Novartis also acquired another undisclosed company.[pharmaphorum]
Fiona Marshall, President of Novartis Biomedical Research, said in a statement: “ADCs have become an important part of cancer treatment, but there is clearly a need for new payload mechanisms to overcome resistance and broaden their impact for patients. Myricx Bio has developed a promising NMTi payload platform with a differentiated mechanism that could broaden the application of ADCs across multiple tumor settings.”[pharmaphorum]
Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners, commented: “Myricx Bio is a powerful example of what European life sciences can achieve when world-class academic science is combined with the right venture capital support from the start. This acquisition by Novartis not only validates Myricx Bio’s platform but also demonstrates what Europe can achieve when it backs its own innovation with conviction.”[BioSpace]
Market Reaction and Holiday Closure
As of the July 6 close, Eli Lilly (LLY) was at $1,200.06, down 1.14% from its prior close of $1,213.91. The stock opened at $1,208, hit an intraday high of $1,213.79, and a low of $1,183.34. U.S. markets were closed on July 7 for the Independence Day holiday, so this is the last available closing price with no pre-market or intraday movement.
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