Novartis to acquire UK-based Myricx Bio for up to $1.5 billion

ZURICH, July 6 (Reuters) - Swiss drugmaker Novartis said on Monday it had agreed to pay up to $1.5 billion for U.K.-based biotechnology firm Myricx Bio in a deal expected to close in the second half of 2026.

In a statement, Novartis said it would pay $1.1 billion upfront, alongside up to $400 million in potential milestone payments, to acquire London-based Myricx Bio, which develops antibody-drug conjugates used for treating cancer.

"ADCs have become an important part of cancer treatment, but there remains a clear need for new payload mechanisms to overcome resistance and expand their impact for patients," said Fiona Marshall, president of biomedical research at Novartis.

"This proposed acquisition reflects our strategy to scale innovative platforms, as we have with radioligand therapies, to deliver more durable, transformative treatments for patients."

(Writing by Dave Graham, Editing by Miranda Murray)