Novartis to Acquire Myricx Bio for Up to $1.5 Billion
Swiss pharmaceutical company Novartis agreed to acquire Myricx Bio, a UK-based biotechnology firm, in a transaction valued at up to $1.5 billion. Under the terms of the deal, Myricx shareholders will receive $1.1 billion upfront, with the remaining value contingent on milestone payments tied to product development and commercialization. The acquisition is designed to strengthen Novartis's oncology pipeline.
Myricx Bio is a privately held company focused on developing targeted cancer therapies. The deal provides Novartis with additional research assets, expanding its portfolio in oncology, a major and highly competitive segment of the global pharmaceutical market.
From the sources (3 posts)
@reutersNovartis to acquire UK-based Myricx Bio for up to $1.5 billion
@wsjThe deal for the privately held U.K.-based biotechnology firm will help bolster Novartis’s oncology capabilities.
@businessMyricx shareholders will receive $1.1 billion upfront in the deal