Novartis will pay $1.1bn upfront and up to $400m in milestones for Myricx Bio, a UK firm developing a novel payload for antibody-drug conjugates.

The deal hands over two ADCs with a different mechanism of action targeting cell growth, and marks Novartis' entry into ADC development.

Sofinnova Partners Announces Myricx Bio Agrees to Be Acquired by Novartis