Brandon Capital sells Myricx Bio to Novartis
The deal, valued at up to $1.5 billion, gives Novartis a novel NMTi-ADC payload platform and lead assets for multiple solid tumor indications.
Takeaways
- Myricx Bio is a pre-clinical oncology company developing novel ADC payloads.
- Brandon Capital is exiting Myricx Bio through a sale to Novartis.
- The target serves oncology across United Kingdom.
Novartis has agreed to acquire Myricx Bio, a UK-based pre-clinical oncology company developing a novel class of antibody-drug conjugate payloads, from Brandon Capital.
The transaction is valued at up to $1.5 billion, including an upfront cash payment of $1.1 billion plus milestone payments.
Myricx Bio was formed by Brandon Capital as a spinout from Imperial College London and the Francis Crick Institute in 2019.
The company pivoted to ADC payloads in 2023 and raised a £90 million Series A round co-led by Novo Holdings and Abingworth, with participation from British Business Bank, Eli Lilly, Cancer Research Horizons and other investors.
The acquisition adds Myricx’s N-myristoyltransferase inhibitor payload platform and two lead ADC assets to Novartis’s oncology pipeline.
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