The Swiss drug maker said the deal would strengthen its oncology pipeline and advance next-generation targeted drug conjugates with novel payload mechanisms.
Headquartered in London with teams in the UK and US, Myricx is focused on the discovery and development of therapeutics for the treatment of patients with cancer. It has pioneered the development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibition of N-myristoyltransferase NYSE:NMT.
The company is developing two lead assets directed towards the targets B7-H3 and HER2, with potential across multiple solid tumour settings, Novartis said.
"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.
"Myricx Bio has developed a promising NMTi payload platform with a differentiated mechanism that could broaden the use of ADCs across multiple tumor settings. This proposed acquisition reflects our strategy to scale innovative platforms, as we have with radioligand therapies, to deliver more durable, transformative treatments for patients."