Left to right - Myricx Bio co-founders Andrew Bell, Roberto Solari, Ed Tate and CTO Robin Carr
Myricx Bio (“Myricx”), a cancer therapy spinout based on research carried out at the Francis Crick Institute and Imperial College London, has reached an agreement to be acquired by Novartis.
Announced today by the life sciences venture capital firm Brandon Capital, the transaction is valued at up to US$1.5 billion including an upfront cash payment of US$1.1 billion plus potential milestone payments.
The transaction is subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals.
Myricx Bio is developing a new class of antibody-drug conjugates (ADCs) designed to selectively target cancer cells. One of the most important emerging modalities in cancer therapy, ADCs combine the targeting precision of antibodies with the tumour-killing activity of potent small-molecule payloads.
Founded on discoveries made at the Crick and Imperial, the company is advancing therapies based on inhibition of an enzyme that plays a critical role in multiple pathways cancer cells rely on for survival, N-myristoyltransferase (NMT). By linking NMT inhibitors to tumour-targeting antibodies, Myricx aims to deliver treatments directly to cancer cells while limiting effects on healthy tissue.
Preclinical investigations of the inhibitors have shown complete and durable tumour regressions, at well-tolerated doses, in many animal models of solid cancers and patient-derived organoid models.
The acquisition advances ADC innovation by bringing together the strengths of Novartis in oncology with Myricx’s two lead ADC assets and its next-generation N-myristoyltransferase inhibitor (NMTi) payload platform with potential impact across multiple solid tumour settings.
"Myricx was built on nearly two decades of research and the contributions of many talented scientists, driven by the ambition to translate fundamental discoveries into better treatments for people with cancer," says Professor Ed Tate, co-founder of Myricx, GSK Chair in Chemical Biology at Imperial and a Satellite Group Leader at the Crick.
"This exciting milestone reflects both the strength of the underlying science and the power of bringing together partners from across academia and industry. We're incredibly proud to see these discoveries reach this stage."
Edith Heard, director and CEO of the Crick said: “This is a powerful example of what can happen when world-class science meets the right environment to thrive and shows the extraordinary return on investing in discovery research.
"The Crick’s unique research ecosystem, in partnership with Imperial, enabled Ed Tate and his colleagues to uncover fundamental insights into how cancer cells survive, laying the foundation for new cancer treatments while attracting investment and strengthening the UK’s life sciences sector. It’s proof that discovery-driven research goes far beyond the laboratory; it improves lives, fuels innovation and drives economic growth.”
