Novartis to acquire Myricx Bio for $1.1 billion to expand antibody-drug conjugate pipeline

Novartis announced it will buy London-based Myricx Bio, agreeing to pay $1.1 billion upfront.

The deal gives Novartis access to Myricx's novel payload technology - an N-myristoyltransferase inhibitor - that can be used in antibody-drug conjugates (ADCs).

ADCs have become a fast-growing class of cancer therapeutics, and the acquisition moves Novartis closer to peers that have been more aggressive in this area.

The transaction reflects Novartis's renewed focus on ADCs after a slower start compared with competitors, and it could broaden its oncology portfolio.