Bicycle is developing a novel class of medicines — fully synthetic short peptides that are called Bicycles – for diseases that are underserved by existing therapeutics.

The partners will jointly use Bicycle’s peptide technology to develop bicyclic peptides for several undisclosed cancer targets. Targeted radiotherapies are an innovative class of cancer therapies with a unique mode of action that have potential to unlock a broad opportunity space and serve patients in high-unmet medical need indications, the companies said.

“We believe our bicyclic peptide platform, coupled with Bayer’s scale and expertise in developing radiopharmaceuticals, has the potential to deliver improved clinical outcomes for patients with cancer,” said Kevin Lee, CEO of Bicycle Therapeutics.

Under the terms of the deal, Bicycle will receive an upfront payment of $45 million with potential development and commercial-based milestone fees, which all together could reach up to $1.7 billion.

In March this year, Bicycle also agreed to work with Novartis to develop and commercialize Bicycle radioconjugates for multiple oncology targets. That deal is also worth a total of up to $1.7 billion, depending on reaching certain milestones.

Author: Elaine Burridge, Freelance Journalist