Novartis Acquires Myricx for Up to $1.5 Billion in Cancer-Drug Deal
Swiss pharmaceutical company Novartis has agreed to buy UK biotech Myricx for up to $1.5 billion, expanding its cancer pipeline with a novel technology that targets tumour cells. The deal includes $1.1 billion upfront and up to $400 million in milestones. This acquisition highlights the industry's pursuit of targeted therapies and the growing importance of European biotech companies.
Key points
- Novartis, the CEO of which is Vas Narasimhan, has acquired UK biotech Myricx for up to $1.5 billion.
- The deal includes $1.1 billion upfront and up to $400 million in milestones tied to scientific milestones.
- Myricx's technology targets tumour cells with a novel payload for antibody-drug conjugates.
- The company's lead assets aim to treat solid tumours associated with targets B7-H3 and HER2.
- The acquisition highlights the industry's pursuit of targeted therapies and the growing importance of European biotech companies.
Novartis's acquisition of Myricx marks a significant move in the pursuit of targeted cancer therapies. The deal highlights the growing importance of European biotech companies in the industry. Myricx's technology offers a novel approach to targeting tumour cells with antibody-drug conjugates. The company's lead assets are aimed at treating solid tumours associated with targets B7-H3 and HER2. The acquisition price of up to $1.5 billion reflects the industry's confidence in Myricx's technology and its potential to expand Novartis's cancer pipeline.
Sources
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