Drug discovery
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Our support of Myricx Bio has helped advance cutting-edge science toward patient benefit. Cancer Research UK has supported research into novel biological mechanisms like N-myristoyltransferase over many years, including work in Professor Ed Tate’s laboratory at Imperial College London that contributed to the foundational science behind the spin-out. Cancer Research Horizons also supported Myricx Bio at a pivotal stage in its fundraising, contributing to activities that helped the company to complete one of Europe's largest Series A raises of 2024. We look forward to seeing Novartis advance Myricx Bio’s NMTi-ADC candidates through the next stages of development.
Iain Foulkes, Chief Executive Officer of Cancer Research Horizons, said: "Congratulations to Myricx Bio on this significant milestone. The transaction reflects the strength and potential of its N-myristoyltransferase inhibitor (NMTi) antibody–drug conjugate payload platform, and the work of the world-class team behind it.
“For Cancer Research Horizons, this represents the first exit from our Seed Fund since its launch in 2022. It is an important milestone following the fund’s close at £30 million and supports our strategy to invest in ambitious ideas with the potential to improve outcomes for people with cancer.”
The below press release has been reproduced from here.
London, UK 6 July 2026 – Myricx Bio, a UK-headquartered biotech company focusing on the discovery and development of a novel class of payloads for antibody-drug conjugates (ADCs), today announced that it has reached agreement to be acquired by Novartis for up to $1.5 billion including $1.1 billion cash upfront plus potential milestone payments.
The acquisition advances ADC innovation by bringing together the strengths of Novartis in oncology with Myricx Bio’s two lead ADC assets and next-generation first-in-class N-myristoyltransferase inhibitor (NMTi) payload platform, having potential impact across multiple solid tumour settings.
Since its founding in 2019, Myricx Bio has translated its founders’ extensive research and world leading insights in NMT biology and chemistry into ADC payloads with a novel, orthogonal and differentiated mode of action to address limitations of commonly used ADC payload classes such as TOPO-1 and tubulin inhibitors. Myricx Bio has advanced a pre-clinical pipeline of proprietary NMTi-ADCs with lead assets directed towards established targets B7-H3 and HER2.
“There is a widely recognised and critical unmet need for new ADC payloads that can improve the standard of care over current payloads, overcome payload resistance, improve tolerability and offer a wider therapeutic index. We are delighted that Novartis recognises the transformative promise of our NMTi-ADC platform to deliver this next-generation of potential first-in-class, highly differentiated ADC therapeutics,” said Mohit Rawat, CEO of Myricx Bio. “This acquisition is a tremendous endorsement of the leadership of our NMTi-ADC platform, and the insights, innovation and achievements of our founders and team towards our mission of providing more effective and better tolerated therapeutic options for cancer patients. Together with Novartis, we look forward to building upon our work to transform the landscape of cancer treatment.”
“ADCs have become an important part of cancer treatment, but there remains a clear need for new payload mechanisms to overcome resistance and expand their impact for patients,” said Fiona Marshall, President of Biomedical Research at Novartis. “Myricx Bio has developed a promising NMTi payload platform with a differentiated mechanism that could broaden the use of ADCs across multiple tumour settings. This proposed acquisition reflects our strategy to scale innovative platforms, as we have with radioligand therapies, to deliver more durable, transformative treatments for patients.”
Myricx Bio was spun out from Imperial College London and the Francis Crick Institute, by Professor Ed Tate Ph.D., Roberto Solari Ph.D. and Andrew Bell Ph.D., supported by Cancer Research UK, and backed by seed investment from Brandon Capital and Sofinnova Partners. Under the leadership of current Myricx Bio CTO, Robin Carr Ph.D., the company raised £90m ($114m) in a Series A in mid-2024 led by Novo Holdings and Abingworth who were joined by British Business Bank, Cancer Research Horizons and Eli Lilly, and existing investors. This enabled the company to scale its operations and expand the team to rapidly advance its pipeline. Mohit Rawat joined as CEO in 2025 to steer the company through pre-clinical development and its next stage of growth, leading to this groundbreaking deal.
The transaction is expected to close in H2 2026, subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals.
Goodwin was legal advisor to Myricx Bio through the transaction.
ENDS
About N-myristoyltransferase inhibition and ADCs
N-myristoyltransferase (NMT) is an enzyme responsible for the addition of a specific lipid to multiple proteins that are crucial for cancer cell survival. Myricx Bio has developed a pipeline of antibody-drug conjugates (ADCs) to address significant unmet needs in oncology, leveraging its NMT inhibitor (NMTi) payload chemistry platform. These ADCs have demonstrated exceptional preclinical efficacy and tolerability across multiple solid tumour-associated antigens and cancer cell types.
Retreatment with ADCs with the same payload class leads to poor outcomes with a >50% reduction in the objective response rate (ORR). Toxicity is currently a major challenge for ADCs often limiting tolerable ADC doses to levels below those required for substantial anti-cancer efficacy. Many of the leading ADCs have >50% treatment interruptions or dose reductions due to adverse effects. There is thus an urgent need for novel and differentiated ADC payloads.
NMT is critical to maintaining multiple pathways required for cancer cell survival. Pre-clinical observations suggest inhibition of this enzyme drives complete tumour regression, including in challenging tumour types. In addition, due to the completely novel MOA, NMTi-ADCs have a differentiated toxicity profile and the potential to treat cancers that have become resistant to or are unresponsive to current ADCs.
About Myricx Bio
Myricx Bio (“Myricx Bio”) is a private biotechnology company focused on the discovery and development of therapeutics for the treatment of patients with cancer. It has pioneered the development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibition of N-myristoyltransferase (NMT).
A spin out from Imperial College London and the Francis Crick Institute, Myricx Bio is headquartered in London with teams based in the UK and USA. Investors include Abingworth, Brandon Capital Partners, British Business Bank, Cancer Research Horizons, Eli Lilly, Novo Holdings and Sofinnova Partners.
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For further information please contact
At the Company
Mohit Rawat, CEO, Myricx Bio, [email protected]
Media Enquiries
Charles Consultants
Sue Charles – [email protected] +44 (0)7968 726585
Chris Gardner – [email protected] +44 (0)7956 031077
