Novartis AG (NVS) announced on Monday its agreement to acquire Myricx Bio, a UK-based biotechnology company developing a new class of antibody-drug conjugates, or ADCs, for up to $1.5 billion.
Under the terms of the agreement, Novartis will gain Myricx's N-myristoyltransferase inhibitors (NMTi) payload platform, two lead ADC assets targeting B7-H3 and HER2, and a broader payload platform across multiple solid tumor settings. The acquisition is expected to strengthen the company's oncology pipeline. Executives highlighted that the acquisition expands Novartis's ability to deliver next-generation ADC innovation with differentiated payloads.
Novartis will pay approximately $1.1 billion upfront, with additional milestone payments of up to $400 million, bringing the deal for a total value to $1.5 billion.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.
Myristoylation is a lipid modification process involving the addition of myristic acid to the N-terminus of proteins. N-myristoyltransferase, or NMT, inhibition is designed to disrupt critical cellular processes in cancer cells. Myricx is developing NMT inhibitors as a potential first-in-class ADC payload technology.
Novartis shares have traded between $112.34 and $170.46 over the last year.
NVS closed Thursday's trade at 159.90, up 3.74%.
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