Brandon Capital, Australasia's leading life sciences venture capital firm, today announces the successful exit of its portfolio company Myricx Bio following its agreement to be acquired by Novartis. The transaction is valued at up to US$1.5 billion (~A$2.16bn) including an upfront cash payment of US$1.1 billion (~A$1.58bn) plus potential milestone payments.
Myricx Bio is a UK-based pre-clinical oncology company developing a novel class of payloads for antibody-drug conjugates (ADCs). One of the most important emerging modalities in cancer therapy, ADCs combine the targeting precision of antibodies with the tumour-killing activity of potent small-molecule payloads. The acquisition advances ADC innovation by bringing together the strengths of Novartis in oncology with Myricx's two lead ADC assets and its next-generation N-myristoyltransferase inhibitor (NMTi) payload platform with potential impact across multiple solid tumour settings.
Brandon Capital played an instrumental role in the formation of Myricx Bio, a spin out from Imperial College London and the Francis Crick Institute. It was co-founded by Brandon Capital Venture Partner Dr. Roberto Solari who served as Myricx Bio's founding CEO. Brandon Capital was joint founding seed investor in 2019. Managing Partner Dr. Stephen Thompson led the investment, providing strategic and operational support through its capital-efficient early development and subsequent financings, maintaining a substantial shareholding through to acquisition, led by Myricx Bio CEO Mohit Rawat.
The exit will generate a significant return for Brandon Capital's investors, Australian superannuation (pension) funds Hostplus, HESTA and Aware Super as well as CSL and QIC. It further strengthens the firm's track record of building globally competitive life sciences companies from breakthrough academic science.
Brandon Capital UK-based Partner Dr. Jonathan Tobin joined Myricx Bio as Executive Director in 2023 to help build the company's ADC capability and raise the Series A. He is a co-inventor on one of Myricx Bio's ADC patents alongside Dr. Solari and Myricx Bio CSO Dr. Francesca Zammarchi.
Dr. Jonathan Tobin, Myricx Bio Director and Partner at Brandon Capital said, "Congratulations to Mohit Rawat, Robin Carr and the Myricx Bio team. This acquisition by Novartis is a testament to the phenomenal work of Myricx Bio's founders and management, and a powerful validation of Brandon Capital's approach of backing world-class science before it is obvious to others."
Mohit Rawat, Myricx Bio CEO said, "Building biotech companies from early-stage concepts into medicines that improve patients' lives takes time, conviction and, of course capital. Brandon Capital recognised the potential of NMT inhibition early, and has been a highly supportive investor, enabling us to have advanced NMTi-ADCs with the promise as an entirely new class of cancer therapeutics."
Brandon Capital is building a track record of strong returns through both early- and mid-stage exits, while also supporting companies through to commercialisation.
Dr. Stephen Thompson, former Myricx Bio Director and Managing Partner at Brandon Capital said, "Myricx Bio encapsulates the kind of company we exist to build: a bold, potentially first-in-class therapeutic platform with the promise to deliver both exceptional investor returns and meaningful benefit for patients. This exit positions the firm well to continue attracting capital to support our existing portfolio and to back the next generation of breakthrough biomedical companies."
Brandon Capital Partner Dr. Jonathan Tobin (left) and Managing Partner Dr. Stephen Thompson (right).
