The deal marks a major milestone for Myricx Bio, which was backed from its earliest stage by European life sciences venture capital firm Sofinnova Partners, and is aimed at accelerating the next generation of antibody-drug conjugate (ADC) cancer therapies.
Sofinnova co-led the company’s seed investment in 2019 and has supported Myricx from its founding through its planned acquisition by global pharmaceutical giant Novartis.
The acquisition brings together Novartis’ global oncology capabilities with Myricx Bio’s pioneering N-myristoyltransferase inhibitor (NMTi) payload platform, a technology designed to improve the effectiveness and tolerability of ADC therapies.
The platform aims to address limitations associated with earlier ADC payload classes, including narrow therapeutic windows and treatment-related toxicity.
Myricx’s lead ADC programs target B7-H3 and HER2, two established cancer targets with potential applications across multiple solid tumor types where significant unmet medical needs remain.
Founded through a collaboration between scientists from Imperial College London and the Francis Crick Institute, with support from Cancer Research UK, Myricx Bio was created by Professor Ed Tate, Roberto Solari, and Andrew Bell.
The company’s early development was supported by Sofinnova Partners and Brandon Capital, with Sofinnova remaining a long-term investor through the company’s growth and exit.
The transaction represents Sofinnova Partners’ seventh exit in three years and highlights growing investor interest in innovative ADC technologies as pharmaceutical companies seek new approaches to treating difficult-to-treat cancers.
"Myricx Bio is a powerful example of what European life sciences can produce when you combine world-class academic science with the right venture support from the very beginning.
"This acquisition by Novartis is not only a validation of Myricx Bio's platform but a demonstration of what is possible when Europe backs its own innovation with conviction. That is precisely what Sofinnova exists to do,” noted Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners.
Sofinnova played a key role in shaping Myricx’s strategy, including supporting the company’s transition from small molecule development toward an ADC payload-focused platform. That strategic shift helped establish the NMTi platform as a potential technology applicable across a wide range of tumor types.
The company later secured a £90 million ($114 million) Series A financing in 2024, led by Novo Holdings and Abingworth, with participation from British Business Bank, Cancer Research Horizons, Eli Lilly, Brandon Capital, and Sofinnova Partners.
"I first met Roberto and Ed at Imperial, long before any of this existed. The team at Myricx Bio has executed with exceptional discipline and ambition ever since, evolving the company from a seed hypothesis to a Novartis acquisition, and supporting them along that journey has been one of the great privileges of my career.
"This is the outcome our model is built to deliver: identifying exceptional science and people early and supporting them at every stage,” highlighted Maina Bhaman, Partner at Sofinnova Partners.
Mohit Rawat, CEO of Myricx Bio, said, “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 acquisition underscores the increasing importance of differentiated ADC platforms in oncology and reflects the potential value created when academic discoveries are combined with long-term venture backing.
