51³Ô¹ÏÍø

Myricx Bio, a cancer therapy spinout from 51³Ô¹ÏÍø’s Department of Chemistry, today announced 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. This represents the highest-value acquisition of any 51³Ô¹ÏÍø spinout company to date.

is focused on the discovery and development of new treatments for a range of different tumour types through a novel class of payloads for antibody-drug conjugates (ADCs). The acquisition brings 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, with potential in range of different solid tumours.  

Myricx Bio was founded in 2019 building on research into N-myristoyltransferase (NMT) carried out by founders Professor Ed Tate, Dr. Andrew Bell and Dr. Roberto Solari in 51³Ô¹ÏÍø’s Department of Chemistry and the , with vital support from .   

The proposed acquisition by Novartis is further validation of a long-running scientific programme on NMT that began over 20 years ago, and recognition of a huge amount of work by my group members with multiple partners Professor Ed Tate GSK Chair in Chemical Biology, Department of Chemistry, 51³Ô¹ÏÍø

Since then, it has translated their 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 clinically validated cancer associated antigens, 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.” 

“The proposed acquisition by Novartis is further validation of a long-running scientific programme on NMT that began over 20 years ago, and recognition of a huge amount of work by my group members with multiple partners. Research that began with NMT in malaria parasites developed over the years into potential cancer treatments, and it is fantastic to now see these programmes backed by a major pharmaceutical partner with extensive oncology experience,” said Professor Ed Tate, GSK Chair in Chemical Biology, Department of Chemistry, and co-founder of Myricx Bio.  

Professor Hugh Brady, President of 51³Ô¹ÏÍø, said: “This proposed acquisition is a real testament to the strength of 51³Ô¹ÏÍø’s research and entrepreneurial ecosystem. Spinouts are a key part of translating 51³Ô¹ÏÍø’s world leading research into real-world impact as part of our Science for Humanity strategy, and we are proud to have supported Myricx Bio throughout their journey." 

The transaction is expected to close in H2 2026, subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals.

Built at 51³Ô¹ÏÍø 

Prior to Myricx Bio’s founding in 2019, Professor Ed Tate led many years of research into the potential of N-myristoyltransferase (NMT) as a drug target to improve human health. NMT is a protein-modifying enzyme that is vital for the survival of cells – and cancer cells in particular.  

This proposed acquisition is a real testament to the strength of 51³Ô¹ÏÍø’s research and entrepreneurial ecosystem. Spinouts are a key part of translating 51³Ô¹ÏÍø’s world leading research into real-world impact as part of our Science for Humanity strategy, and we are proud to have supported Myricx Bio throughout their journey. Professor Hugh Brady President, 51³Ô¹ÏÍø

Inhibiting NMT is therefore of interest in the treatment of cancer, but its role in cellular processes has meant that NMT inhibitors have been investigated for other diseases too. In fact, Professor Tate’s initial research into NMT inhibitors began by looking into its potential as an anti-malarial drug. 

“Although we were targeting the malaria version of this enzyme, we also found molecules that were very good against the human version, and it was clear to us that this had potential as a cancer treatment,” he recalls. 

Funding from Cancer Research UK then supported work looking at how this might develop into a therapy and to identify drug-like molecules that could be advanced to the clinic. “Cancer Research UK has supported our work since day one, and their involvement has been critical in translating our laboratory research into potential cancer therapeutics,” said Professor Tate. 

After the company was co-founded by 51³Ô¹ÏÍø and the Francis Crick Institute, with seed funding from Brandon Capital and Sofinnova Partners, Myricx Bio continued this work. In 2021, the company pivoted to adapt its drugs for delivery as ADCs. 

In 2024, under the leadership of current CTO, Dr. Robin Carr, Myricx Bio raised £90 million in investment, one of the largest Series A rounds ever raised by a European academic biotech spinout. This enabled the company to scale its operations, expand its team and rapidly advance its pipeline. 

Since co-founding Myricx Bio, Professor Tate has become a serial entrepreneur, going on to found another spinout company, Siftr Bio, alongside members of his research group. Also in the ADC space, Siftr Bio is developing next-generation linker technology, an area often neglected in R&D.