European life sciences venture capital firm Sofinnova Partners announced on Monday that its portfolio company Myricx Bio has agreed to be acquired by Swiss pharmaceutical company Novartis AG (SIX:NOVN) (NYSE:NVS) in a transaction valued at up to USD1.5bn, including USD1.1bn in upfront cash and potential milestone payments.

Sofinnova Partners, which co-led the company's seed investment in 2019 and supported it through to the transaction, said the deal represents its seventh portfolio exit in three years.

Myricx Bio is a UK-headquartered biotechnology company developing antibody-drug conjugate payloads based on its first-in-class N-myristoyltransferase inhibitor platform, with two lead assets targeting B7-H3 and HER2 across multiple solid tumour types.

This acquisition combines Novartis' oncology development and commercial capabilities with Myricx Bio's platform and pipeline with the aim of advancing the development of cancer therapies.

Subject to customary closing conditions and regulatory approvals, the transaction is expected to close in the second half of 2026.