Super funds to reap returns from $2.2bn biotech exit

Brandon Capital, a life sciences venture capital firm has exited from its investment in Myricx Bio, following its agreement to be acquired by Novartis for US$1.5 billion ($2.2bn).

The exit will generate a significant return for investors, Brandon Capital said.

It's investors include major superannuation funds such as Hostplus, HESTA, Aware Super as well as QIC. To date, Brandon Capital has raised more than $1.4 billion across six funds from investors.

The transaction includes an upfront cash payment of US$1.1 billion ($1.6bn) plus potential milestone payments.

Myricx Bio is a UK-headquartered oncology company, developing novel class of payloads in cancer therapy for antibody-drug conjugates (ADCs).

Brandon Capital was one of the founding seed investor in 2019 in Myricx Bio, a spin out from Imperial College London and the Francis Crick Institute. It was co-founded by Brandon Capital venture partner Roberto Solari who served as Myricx Bio's founding chief executive.

Brandon Capital managing partner and former Myricx Bio director Stephen Thompson 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 said it is building a track record of strong returns through both early- and mid-stage exits, while also supporting companies through to commercialisation.

The transaction is expected to close in the second half of 2026, subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals.

"Building biotech companies from early-stage concepts into medicines that improve patients' lives takes time, conviction and, of course capital," Myricx Bio chief executive Mohit Rawat said.

"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."