The Swiss pharma giant will pay $1.1 billion (CHF883 million) to acquire Myricx Bio, which is developing antibody-drug conjugates for various types of solid tumours.

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