London's Myricx Bio lands up to $1.5B Novartis exit after raising just $121M — TFN

Novartis has agreed to acquire London biotech Myricx Bio for up to $1.5 billion, known for a new type of cancer drug payload.

Since 2019, Myricx raised $121 million before being acquired, giving early investors roughly a nine-to-one return.

This deal highlights NMT inhibitors as a possible answer to drug resistance in the $14.5 billion ADC market, which could grow to $32.1 billion by 2033.

Six years ago, three academics started a cancer research project at Imperial College London and the Francis Crick Institute. Today, their idea led to one of the UK’s biggest biotech exits of the year, even though Myricx remained largely under the radar until Novartis stepped in.

Myricx Bio, based in London with a team in the US, has agreed to be bought by Novartis for up to $1.5 billion. The deal includes $1.1 billion paid upfront and up to $400 million in milestone payments. Novartis expects to finish the transaction in the second half of 2026, pending regulatory approval.