Imperial College and Crick Institute spinout Myricx Bio snapped up by Novartis for up to $1.5B

Novartis has agreed to acquire Myricx Bio, a cancer therapy company spun out from Imperial College London and the Francis Crick Institute, in a deal that could be worth up to $1.5 billion. The acquisition marks a major outcome for the young biotech, which was founded in 2019 and has been developing treatments for difficult-to-treat cancers.

"Myricx Bio, a cancer therapy spinout from the Francis Crick Institute and Imperial College London, has agreed to be acquired by Novartis in a deal valued at up to US$1.5 billion, including a US$1.1 billion upfront cash payment plus potential milestone payments."

crick.ac.ukCancer therapy spinout Myricx Bio agrees to US$1.5B acquisition by Novartis

The announcement was made by life sciences venture capital firm Brandon Capital, according to crick.ac.uk. The substantial upfront payment reflects the promise of Myricx Bio's technology platform, which targets a class of enzymes involved in cancer cell survival.

"Cancer-focused company was spun out from Imperial College and the Francis Crick Institute in 2019"

ft.comNovartis to buy UK biotech in $1.5bn deal

ft.com noted that the company was founded just five years ago, making the $1.5 billion valuation a striking validation of its research. Myricx Bio's work builds on discoveries made at two of the UK's most prestigious biomedical research institutions, highlighting the continued strength of London's academic spinout ecosystem.

The deal underscores big pharma's appetite for innovative oncology assets, with Novartis paying a premium for early-stage science. For the Crick Institute and Imperial College, the acquisition provides a major return on investment and a proof point for translating basic research into commercial therapies.