Key Takeaways
- • Novartis has agreed to acquire Myricx Bio, a UK-based pre-clinical oncology company, for up to US$1.5 billion (approximately A$2.16 billion), comprising an upfront payment of US$1.1 billion with additional milestone-based payments.
- • Myricx Bio develops a novel class of payloads for antibody-drug conjugates (ADCs), an increasingly important cancer therapy modality that combines antibody targeting precision with potent tumor-killing small-molecule payloads; the acquisition brings together Novartis's oncology expertise with Myricx's two lead ADC assets and its proprietary N-myristoyltransferase inhibitor (NMTi) platform.
- • Brandon Capital, which served as joint founding seed investor in 2019 and played an instrumental role in Myricx's formation as a spinout from Imperial College London and the Francis Crick Institute, will achieve a significant exit generating returns for its investor base including Australian superannuation funds Hostplus, HESTA, and Aware Super, as well as CSL and QIC.
- • Dr. Roberto Solari, Brandon Capital Venture Partner and Myricx Bio's founding CEO, co-founded the company; Dr. Stephen Thompson led the investment at Brandon Capital, while Mohit Rawat currently serves as Myricx Bio CEO.
Summary
Brandon Capital has announced a successful exit of its portfolio company Myricx Bio following Novartis's agreement to acquire the oncology-focused biotech firm. The transaction is valued at up to US$1.5 billion, with Novartis providing an upfront cash payment of US$1.1 billion and committing to additional milestone payments. This acquisition represents a significant validation of Brandon Capital's early-stage life sciences investment strategy and delivers substantial returns to its institutional investor base.
Myricx Bio is a UK-based pre-clinical company specializing in the development of novel payload classes for antibody-drug conjugates (ADCs), one of the most important emerging modalities in oncology. ADCs function by combining the precise tumor-targeting capabilities of antibodies with potent small-molecule payloads that kill cancer cells. The company's core asset is its proprietary N-myristoyltransferase inhibitor (NMTi) payload platform, alongside two lead ADC candidates with potential applications across multiple solid tumor settings. The acquisition enables Novartis to integrate Myricx's differentiated technology platform with its established oncology portfolio and development capabilities.
Brandon Capital's involvement in Myricx Bio dates to its formation as a spinout from Imperial College London and the Francis Crick Institute in 2019, when the firm served as joint founding seed investor. Dr. Roberto Solari, a Brandon Capital Venture Partner, co-founded the company and initially served as CEO. Dr. Stephen Thompson at Brandon Capital led the investment and provided ongoing strategic and operational support through the company's early development phases and subsequent funding rounds, maintaining a substantial shareholding through the acquisition. Current CEO Mohit Rawat led the company through to the Novartis transaction.
The exit will generate significant returns for Brandon Capital's investor base, which includes three major Australian superannuation funds—Hostplus, HESTA, and Aware Super—as well as pharmaceutical company CSL and infrastructure fund QIC. The transaction underscores the growing institutional appetite for early-stage life sciences innovation in the Asia-Pacific region and validates the market opportunity around next-generation ADC platforms in oncology.
Myricx Bio is a UK-based pre-clinical company specializing in the development of novel payload classes for antibody-drug conjugates (ADCs), one of the most important emerging modalities in oncology. ADCs function by combining the precise tumor-targeting capabilities of antibodies with potent small-molecule payloads that kill cancer cells. The company's core asset is its proprietary N-myristoyltransferase inhibitor (NMTi) payload platform, alongside two lead ADC candidates with potential applications across multiple solid tumor settings. The acquisition enables Novartis to integrate Myricx's differentiated technology platform with its established oncology portfolio and development capabilities.
Brandon Capital's involvement in Myricx Bio dates to its formation as a spinout from Imperial College London and the Francis Crick Institute in 2019, when the firm served as joint founding seed investor. Dr. Roberto Solari, a Brandon Capital Venture Partner, co-founded the company and initially served as CEO. Dr. Stephen Thompson at Brandon Capital led the investment and provided ongoing strategic and operational support through the company's early development phases and subsequent funding rounds, maintaining a substantial shareholding through the acquisition. Current CEO Mohit Rawat led the company through to the Novartis transaction.
The exit will generate significant returns for Brandon Capital's investor base, which includes three major Australian superannuation funds—Hostplus, HESTA, and Aware Super—as well as pharmaceutical company CSL and infrastructure fund QIC. The transaction underscores the growing institutional appetite for early-stage life sciences innovation in the Asia-Pacific region and validates the market opportunity around next-generation ADC platforms in oncology.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.