Bicycle Therapeutics In Deal With Novartis To Develop Bicycle Radio-conjugates

(RTTNews) - Bicycle Therapeutics plc (BCYC) Tuesday said it has entered into a partnership with Swiss Pharma major Novartis AG to develop, and commercialize Bicycle radio-conjugates (BRCs) for multiple oncology targets.

Bicycle Therapeutics develops drugs based on its proprietary bicyclic peptide (Bicycle) technology.

As per the deal, Bicycle will receive an upfront payment of $50 million with eligibility for milestone payments of up to $1.7 billion, on achieving certain developmental and commecial targets. Bicycle is also entitled to get tiered royalties on Bicycle-based medicines commercialized by Novartis. "This collaboration builds on the groundbreaking clinical work we have been doing in the toxin conjugate field and provides new and additional validation for this unique technology," said Kevin Lee, Chief Executive Officer of Bicycle Therapeutics.