The open offer for Novartis India Limited by a consortium of acquirers concluded with minimal acceptance from public shareholders. WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners, collectively referred to as the Acquirers, successfully acquired only 40 equity shares out of the 64,19,608 shares offered. The offer was made at a price of ₹860.64 per share.

The Acquirers, along with Persons Acting in Concert (PACs) ChrysCapital X, LLC and OceanEdge Investments Limited, had previously secured a significant stake in Novartis India Limited through agreements. Prior to the open offer, the group acquired 1,74,50,680 shares, representing 70.68% of the voting share capital. This included 1,39,38,382 shares by WaveRise Investments Limited and 25,47,189 shares by ChrysCapital Fund X.

Post-Offer Shareholding Details

The public tendering for the open offer was negligible, with only 182 shares tendered in total. Following the acceptance of 40 shares, the post-offer shareholding of the Acquirers and PACs stands at 1,74,50,720 shares. Consequently, the shareholding of public shareholders adjusted marginally to 72,40,077 shares, representing 29.32% of the voting share capital.

Regulatory Compliance and Publication

Axis Capital Limited, the manager to the offer, submitted the post-offer advertisement to BSE Limited on July 10, 2026. The advertisement, dated July 9, 2026, was published in Financial Express, Jansatta, and Navshakti to comply with Regulation 18(12) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. MUFG Intime India Private Limited acted as the registrar to the open offer.

Novartis has entered into an agreement to acquire Myricx Bio, a UK-headquartered biotechnology company, for up to $1.5 billion, comprising $1.1 billion in cash upfront and potential milestone payments. The transaction strengthens Novartis's oncology pipeline by integrating Myricx Bio's novel antibody-drug conjugate (ADC) payload platform, which utilizes a first-in-class N-myristoyltransferase inhibitor (NMTi) mechanism. The deal is expected to close in H2 2026, subject to customary closing conditions and regulatory approvals, and addresses critical unmet needs for new ADC payloads that can overcome resistance and improve tolerability.

The acquisition centers on Myricx Bio’s NMTi payload platform, designed to disrupt critical processes cancer cells rely on for growth and survival. Preclinical data indicate this novel payload offers broad activity across solid tumors, including models resistant to TOPO-1 inhibitors. By integrating this platform, Novartis aims to advance next-generation targeted drug conjugates with differentiated mechanisms that could broaden the use of ADCs across multiple tumor settings.

Myricx Bio is developing two lead assets directed towards the targets B7-H3 and HER2. These assets, combined with the broader payload platform, are designed to deliver a differentiated cancer-killing payload directly to tumor cells. Fiona Marshall, President of Biomedical Research at Novartis, stated that the acquisition reflects the company's strategy to scale innovative platforms to deliver more durable, transformative treatments for patients.

Mohit Rawat, CEO of Myricx Bio, highlighted the transformative promise of the NMTi-ADC platform to deliver next-generation, highly differentiated therapeutics. The company was spun out from Imperial College London and the Francis Crick Institute by Professor Ed Tate Ph.D., Roberto Solari Ph.D., and Andrew Bell Ph.D., supported by Cancer Research UK. Myricx Bio raised £90m ($114m) in a Series A in mid-2024 led by Novo Holdings and Abingworth to scale its operations.

Transaction Overview

The financial structure of the agreement comprises a significant upfront commitment and future contingent payments based on developmental milestones.

Strategic Rationale

ADCs have become a crucial component of cancer treatment, yet limitations exist with commonly used payload classes such as TOPO-1 and tubulin inhibitors. The NMT enzyme is essential for protein function within cells, and inhibiting it offers a mechanism to potentially overcome resistance seen with existing therapies. Novartis aims to leverage this platform to establish NMTi, if clinically validated, as a new class of ADC payloads applicable across additional targets and platforms.