Novartis (NVS, Financials) a Swiss pharmaceutical company focused on prescription medicines, oncology, immunology and other major disease areas, agreed to acquire British biotech Myricx Bio in a deal worth up to $1.5 billion.
The deal adds another cancer drug platform to Novartis' growing oncology business. The Swiss drugmaker will pay $1.1 billion upfront, with as much as $400 million in additional payments tied to development and regulatory milestones.
At the center of the deal is Myricx's NMT inhibitor payload platform. The technology is being developed for use in antibody-drug conjugates, or ADCs, which are designed to deliver cancer treatments more directly to tumor cells.
Novartis sees an opportunity to use the platform across several types of tumors. The company has been adding new technologies to its cancer pipeline as it looks for future growth beyond its established medicines.
For investors, the deal is another sign that Novartis is willing to spend on early-stage platforms with broader development potential. The $1.1 billion upfront payment also puts attention on how quickly Myricx's technology can move through clinical development.
The transaction is expected to close in the second half of 2026. Myricx will then join Novartis' global research organization.