Novartis AG to acquire Brandon Capital-backed biotech Myricx Bio for $2.2b
Make us a preferred source
Make us a preferred source on Google
The news: Swiss multinational Novartis AG will acquire pre-clinical cancer biotech Myricx Bio, co-founded by Australian venture capital firm Brandon Capital, for an estimated $2.2 billion.
The numbers: Novartis will pay an upfront cash payment of $1.6 billion for London-based Myricx Bio, with Brandon Capital set to return more than $300 million in cash to its Australian superannuation fund investors including Hostplus, HESTA and Aware Super, alongside CSL and QIC.
The context: Brandon Capital was a founding seed investor in the university spin-out in 2019 and has maintained a significant stake through to the acquisition.
Myricx Bio is developing a new class of payloads for antibody-drug conjugates (ADCs), aimed at addressing toxicity challenges associated with current treatments.
ADCs are targeted cancer therapies that use antibodies to deliver chemotherapy directly to tumour cells while limiting damage to healthy tissue, making them one of the fastest-growing areas in oncology.
The source: Brandon Capital media release
