Novartis agrees to buy Myricx Bio in up to $1.5 billion UK biotech deal
Novartis is expanding its cancer drug portfolio with an agreement to acquire London-based Myricx Bio for up to $1.5 billion. The transaction adds a UK oncology biotech spun out of Imperial College and the Francis Crick Institute in 2019, extending foreign interest in British life sciences companies.
Highlights
- Novartis agrees to acquire Myricx Bio for $1.1 billion upfront and up to $400 million in milestones to boost its oncology pipeline.
- Myricx Bio develops antibody drug conjugates, expanding Novartis's exposure to innovative targeted cancer treatment technologies.
- Novartis shares rise 0.5% in early Swiss trading following the deal, which highlights strong international demand for UK biotech assets.
Acquisition terms and oncology strategy
As reported by Financial Times, Novartis says it will pay $1.1 billion upfront for Myricx Bio, with a further $400 million tied to the achievement of certain milestones. The Swiss drugmaker announces the deal on Monday as it looks to strengthen its oncology pipeline with new targeted cancer technologies.Myricx is developing a new class of antibody drug conjugates, or ADCs, a form of cancer treatment designed to deliver chemotherapy more precisely to affected cells. The acquisition supports Novartis's broader push to innovate quickly in oncology, one of its key areas of investment.
Market response and UK biotech context
Novartis is also investing heavily in radioligand therapy, an emerging targeted cancer treatment that is widely seen as having significant potential in the sector. Adding Myricx's technology broadens the company's exposure to fast-growing cancer treatment platforms.Shares in Novartis rise 0.5% in early trading on the Swiss stock exchange on Monday. The deal also marks the latest overseas takeover of a British biotech company in recent years, underlining continuing international appetite for UK life sciences assets.
Our earlier article on Renk’s acquisition of UK-based David Brown Defence for about $200 million explained how rising European defence spending is accelerating consolidation and cross-border dealmaking. We noted that the purchase expands Renk’s UK and naval footprint by leveraging David Brown’s role in long-life naval programmes, highlighting why British assets have become attractive targets for overseas buyers.
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