Novartis is acquiring UK biotech Myricx Bio in a deal that could reach $1.5 billion, marking another significant foreign investment in British life sciences. The Swiss pharmaceutical giant will pay $1.1 billion upfront for the London-based company, which spun out of research from Imperial College and the Francis Crick Institute in 2019. An additional $400 million is contingent on Myricx achieving specific development milestones.

Myricx Bio specializes in developing antibody drug conjugates (ADCs), a targeted chemotherapy delivery system designed to improve cancer treatment efficacy. This acquisition significantly strengthens Novartis's oncology portfolio, a crucial area where the company aims for rapid innovation. Novartis is also increasing its investment in radioligand therapy, another promising targeted cancer treatment modality.

The deal reflects a broader trend of major pharmaceutical companies acquiring innovative