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Research originating from the Tate Group has reached an important milestone following the announcement that Myricx Bio has entered into an agreement to be acquired by Novartis for up to $1.5 billion.

was co-founded in 2019 by Professor Ed Tate, alongside Dr. Andrew Bell and Dr. Roberto Solari, to translate discoveries in N-myristoyltransferase (NMT) biology into new cancer therapies. The company has built on pioneering research to develop new antibody-drug conjugate (ADC) payloads based on NMT inhibitors, with the aim of expanding treatment options for patients with solid tumours. Myricx Bio has advanced a pre-clinical pipeline of proprietary NMTi-ADCs with lead assets directed towards established targets B7-H3 and HER2.

The proposed acquisition by Novartis is further validation of a long-running scientific programme on NMT that began over 20 years ago, and recognition of a huge amount of work by my group members with multiple partners. Professor Ed Tate GSK Chair in Chemical Biology, Department of Chemistry, Imperial

Commenting on the announcement, Professor Ed Tate said: "The proposed acquisition by Novartis is further validation of a long-running scientific programme on NMT that began over 20 years ago, and recognition of a huge amount of work by my group members with multiple partners. Research that began with NMT in malaria parasites developed over the years into potential cancer treatments, and it is fantastic to now see these programmes backed by a major pharmaceutical partner with extensive oncology experience."

Under the terms of the agreement, Novartis will pay $1.1bn upfront, with up to $400m in potential milestone payments to acquire Myricx Bio. The transaction is expected to close in H2 2026, subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals. This represents the highest-value acquisition of any Imperial spinout company to date.