Swiss pharmaceutical giant Novartis has agreed to pay an initial sum of $1.1 billion (CHF883 million) to acquire the British start-up Myricx Bio, which is developing antibody-drug conjugates for various types of solid tumours. The agreement also provides for a further payment of up to CHF400 million, subject to the achievement of predefined milestones, the two companies said in separate statements on Monday. Founded in 2019 as a spin-off from Imperial College London and the Francis Crick Institute, Myricx Bio is developing two antibody-drug conjugates, still at the preclinical stage, to treat various types of solid tumours. These experimental inhibitors target the enzyme N-myristoyltransferase (NMT), which is essential for the survival and proliferation of cancer cells. The company had raised £90 million in 2024 from investors including Novo Holdings, Abingworth, the British Business Bank, Cancer Research Horizons and Eli Lilly. This acquisition is part of Novartis’ stated aim ...
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