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The California drugmaker, which has collaborations in place with Biogen, Sanofi and Eli Lilly, could be the 14th biotech to go public in 2026.

The deal hands over two ADCs with a different mechanism of action targeting cell growth, and marks Novartis' entry into ADC development.

Drug developers focusing on either disease area made up more than 40% of the number of biotech companies and amount raised so far in 2026, per BioPharma Dive data.