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Novartis to acquire British biotech Myricx Bio for $1.5 billion
Novartis is acquiring Myricx Bio, a British biotech firm working on antibody-drug conjugates, for $1.1 billion upfront and up to $400 million in additional payments. The deal is expected to close in the second half of this year.
Swiss pharmaceutical giant Novartis has agreed to acquire Myricx Bio, a British biotech company developing next-generation antibody-drug conjugates (ADCs) for cancer treatment.
According to a joint statement from the companies, the total acquisition price will reach $1.5 billion. Novartis will pay $1.1 billion in upfront cash, with the remaining $400 million to be paid as additional payments upon achieving certain scientific and commercial milestones.
The deal is expected to close in the second half of this year, following the receipt of necessary regulatory approvals.
The acquisition is expected to strengthen Novartis' oncology drug portfolio. Market analysts noted the company's recent aggressive investments in targeted biological therapies, stating that this preclinical-stage platform could reshape competition in the global cancer drug market.
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