---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-037376"
form_type: "8-K"
ticker: "BCYC"
cik: "0001761612"
company_name: "BICYCLE THERAPEUTICS PLC"
filed_at: "2023-03-28T23:59:59+00:00"
generated_at: "2026-06-17T13:08:31.376188+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Bicycle Therapeutics enters Novartis collaboration for Bicycle radio-conjugates; $50M upfront, up to $1.7B milestones

## Summary
- Bicycle Therapeutics receives $50M upfront from Novartis to discover Bicycle radio-conjugates for oncology targets.
- Total potential milestones up to $1.7B, plus tiered royalties on commercial sales at high single to low double digits.
- Novartis funds all preclinical/clinical development, manufacturing, and commercialization for BRCs.
- Collaboration initially covers two targets; Novartis pays mid-teen million candidate selection fees per product.

## SEC filing metadata
- accession: 0001104659-23-037376
- form_type: 8-K
- ticker: BCYC
- cik: 0001761612
- company_name: BICYCLE THERAPEUTICS PLC
- filed_at: 2023-03-28T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1761612/000110465923037376/0001104659-23-037376-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1761612/000110465923037376/tm2310706d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-037376
- JSON: https://secwatch.observer/filing/0001104659-23-037376.json
- Plain text: https://secwatch.observer/filing/0001104659-23-037376.txt

## Key facts
- Material Agreements
  BICYCLE THERAPEUTICS PLC entered into Collaboration Agreement with Novartis Pharma AG valued at $50 million (effective 2023-03-27).
  - Action: entry
  - Agreement: collaboration
  - Counterparty: Novartis Pharma AG
  - Value: $50 million
  - Effective: 2023-03-27
  source text: On March 27, 2023, BicycleTx, Limited. (the “Company”) and Novartis Pharma AG (“Novartis”) entered into a collaboration and license agreement (the “Collaboration Agreement”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1761612/000110465923037376/0001104659-23-037376-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.