Novartis has agreed to acquire Myricx Bio for up to US$1.5 billion, approximately A$2.2 billion, in a major outcome for a UK biotech company with deep Australian venture backing.
In the inaugural What the Health Wrap, host Emily Casey is joined by Dr Jackie Rabec, co-founder and Chief Product Officer at ThinkMD.ai, and Dr Prashanth Rajan, Associate at Brandon Capital, to work through what the fortnight's biggest healthcare stories actually mean.
Prashanth explains how Myricx Bio evolved from small-molecule science into a new class of antibody-drug conjugate payloads. He discusses why the proposed acquisition matters for cancer therapeutics, investors and Australia's biotech ecosystem, while cautioning that the ultimate test will still come through clinical development.
The conversation then turns to artificial intelligence. Jackie argues that healthcare companies need more than a powerful model. They need a genuine problem, sustainable economics, clinical workflow integration and the change management required for adoption. Prashanth applies the same test to AI drug discovery, where molecular designs must still survive laboratory testing and clinical trials.
The panel also examines proposed changes to Australia's R&D Tax Incentive. Under the current proposal, the offset would be refundable for eligible businesses younger than ten years and non-refundable for older businesses. Prashanth explains why that distinction could affect biotech companies just as expensive clinical programs begin to scale, potentially pushing investment, clinical activity and company growth offshore.
AdvanCell's US$315 million Series D offers a timely example of what sustained local support can produce. The company is advancing a Lead-212 targeted alpha therapy for metastatic prostate cancer while expanding its isotope supply and manufacturing infrastructure.
Finally, the panel asks whether preventive health and longevity represent the future of care or another layer available mainly to people who can afford it. Everlab's A$65 million Series A and Neko Health's US$700 million Series C demonstrate growing demand, but questions remain about equity and whether earlier intervention can reduce pressure on public healthcare systems.
Guests
Dr Jackie Rabec is co-founder and Chief Product Officer at ThinkMD.ai, which builds offline-capable clinical decision-support tools for frontline health workers. She previously worked at Google and was Head of Product at Heidi Health.
Dr Prashanth Rajan is an Associate at Brandon Capital and leads its activities in New South Wales. He has a background in bioinformatics, biochemistry and molecular biology.
Chapters
00:00 Introducing the What the Health Wrap
08:07 Myricx Bio's proposed US$1.5 billion acquisition
11:13 Antibody-drug conjugates and Australian biotech
15:35 AI in healthcare beyond administration
24:50 The promise and limits of AI drug discovery
28:46 Proposed changes to Australia's R&D Tax Incentive
35:22 AdvanCell's US$315 million Series D
42:25 Preventive health, longevity and primary care
53:28 Rapid fire: platform risk, companies to watch and useful resources
Links and resources
ThinkMD.ai: https://www.thinkmd.ai/
Dr Prashanth Rajan at Brandon Capital: https://brandoncapital.vc/team_member/prashanth-rajan/
Myricx Bio acquisition announcement: https://brandoncapital.vc/2026/07/06/brandon-capital-announces-agreement-for-novartis-to-acquire-portfolio-company-myricx-bio-to-advance-new-class-of-cancer-therapeutics/
Australian Treasury's R&D Tax Incentive proposal: https://treasury.gov.au/sites/default/files/2026-06/p2026-781365_0.pdf
Claude for Healthcare: https://www.anthropic.com/news/healthcare-life-sciences
Chai Discovery's US$400 million Series C: https://www.chaidiscovery.com/news/series-c
AdvanCell's US$315 million Series D: https://svhealthinvestors.com/news/advancell-closes-us-315-million-oversubscribed-series-d-financing-to-advance-targeted-alpha-therapies-and-expand-clinical-and-commercial-manufacturing-infrastructure
Everlab: https://www.everlab.com.au/
Neko Health's US$700 million Series C: https://www.nekohealth.com/se/en/press/neko-health-raises-usd700m-series-c-ahead-of-us-launch
About the host
Emily Casey is the founder of What the Health and host of the What the Health Wrap, making major developments in health technology and innovation easier to understand.
The What the Health Wrap is brought to you by What the Health in partnership with Tenmile Ventures.
What the Health is part of Day One Network, the podcast and media network from W2D1 Media: https://dayone.fm/
