Key Takeaways
- • Brandon Capital exits Myricx Bio investment following Novartis acquisition for US$1.5 billion (AUD $2.2bn), generating significant returns for the life sciences venture capital firm and its superannuation fund investors including Hostplus, HESTA, and Aware Super.
- • Myricx Bio transaction structure includes US$1.1 billion upfront cash payment plus potential milestone payments, with deal expected to close in second half of 2026 subject to regulatory approvals.
- • Brandon Capital co-founder Roberto Solari served as Myricx Bio's founding CEO following the company's 2019 spin-out from Imperial College London and the Francis Crick Institute, demonstrating the firm's deep involvement from seed stage through acquisition.
- • UK life sciences venture capital continues to demonstrate strong investor appeal, with £2.3 billion invested in the North West region in 2024 (up from £885 million in 2023), with over half directed to biotech and healthcare businesses.
- • Brandon Capital has raised more than US$1.4 billion across six funds to date and positions this exit to support continued portfolio backing and investment in next-generation biomedical companies.
Summary
Brandon Capital, a life sciences venture capital firm, has achieved a significant exit through the acquisition of Myricx Bio by Novartis for US$1.5 billion (AUD $2.2 billion). The transaction will deliver substantial returns to Brandon Capital's institutional investors, which include major Australian superannuation funds—Hostplus, HESTA, Aware Super—and the Queensland Investment Corporation (QIC). The deal structure comprises an upfront cash payment of US$1.1 billion (AUD $1.6 billion) plus contingent milestone payments, with closing expected in the second half of 2026 pending regulatory approvals and customary closing conditions.
Brandon Capital's involvement with Myricx Bio extends to its founding stage. The firm was a seed investor in 2019 when Myricx Bio was spun out from Imperial College London and the Francis Crick Institute. Notably, Brandon Capital venture partner Roberto Solari co-founded the company and served as its chief executive, underscoring the venture firm's hands-on role in building the business from inception. Myricx Bio is a UK-headquartered oncology company focused on developing novel payload classes for antibody-drug conjugates (ADCs) in cancer therapy.
Brandon Capital managing partner and former Myricx Bio director Stephen Thompson characterized the exit as emblematic of the firm's investment philosophy: backing "bold, potentially first-in-class therapeutic platforms" that deliver both investor returns and patient benefit. Thompson noted the transaction positions the firm to continue attracting capital for its existing portfolio and support emerging biomedical companies. Brandon Capital has raised more than US$1.4 billion across six funds to date and has demonstrated a track record of strong returns through both early- and mid-stage exits alongside supporting companies through commercialization.
The exit reflects broader momentum in UK life sciences venture capital. Private capital investment in the North West region reached £2.3 billion in 2024, more than double the £885 million deployed in 2023, with over half directed to biotech and healthcare. This growth underscores institutional investor appetite for life sciences opportunities in the UK market and validates the strategy of venture firms backing innovation-stage therapeutic companies with meaningful commercial potential.
Brandon Capital's involvement with Myricx Bio extends to its founding stage. The firm was a seed investor in 2019 when Myricx Bio was spun out from Imperial College London and the Francis Crick Institute. Notably, Brandon Capital venture partner Roberto Solari co-founded the company and served as its chief executive, underscoring the venture firm's hands-on role in building the business from inception. Myricx Bio is a UK-headquartered oncology company focused on developing novel payload classes for antibody-drug conjugates (ADCs) in cancer therapy.
Brandon Capital managing partner and former Myricx Bio director Stephen Thompson characterized the exit as emblematic of the firm's investment philosophy: backing "bold, potentially first-in-class therapeutic platforms" that deliver both investor returns and patient benefit. Thompson noted the transaction positions the firm to continue attracting capital for its existing portfolio and support emerging biomedical companies. Brandon Capital has raised more than US$1.4 billion across six funds to date and has demonstrated a track record of strong returns through both early- and mid-stage exits alongside supporting companies through commercialization.
The exit reflects broader momentum in UK life sciences venture capital. Private capital investment in the North West region reached £2.3 billion in 2024, more than double the £885 million deployed in 2023, with over half directed to biotech and healthcare. This growth underscores institutional investor appetite for life sciences opportunities in the UK market and validates the strategy of venture firms backing innovation-stage therapeutic companies with meaningful commercial potential.
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