Bayer and Bicycle Therapeutics enter $1.7B collaboration for radiopharmaceuticals; $45M upfront

BICYCLE THERAPEUTICS PLC

Bicycle receives $45M upfront; total potential milestones up to $1.7B across up to three oncology targets.
Bayer fully funds all preclinical, clinical, manufacturing, and commercialization activities.
Bicycle eligible for mid-single to double-digit tiered royalties on commercialized products.
Closing subject to clearance under U.K. National Security and Investment Act 2021.
Collaboration uses Bicycle's bicyclic peptide technology to develop radioconjugates for undisclosed targets.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BICYCLE THERAPEUTICS PLC entered into Collaboration and License Agreement with Bayer Consumer Care AG valued at Upfront payment of $45 million, with potential milestone and royalty payments up to $1.7 billion (effective 2023-05-04).

Action: entry
Agreement: collaboration
Counterparty: Bayer Consumer Care AG
Value: Upfront payment of $45 million, with potential milestone and royalty payments up to $1.7 billion
Effective: 2023-05-04

Exact text from the filing

On May 4, 2023, BicycleTx Limited (the “Company”) and Bayer Consumer Care AG (“Bayer”) entered into a collaboration and license agreement (the “Collaboration Agreement”), pursuant to which the parties will perform research and discovery activities under a mutually agreed upon research plan during a research term of up to a specified number of years per target program to generate radiopharmaceutical compounds incorporating optimized Bicycle constructs directed to two specified targets, under the oversight of a joint steering committee.

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Source: SEC EDGAR

accession 0001104659-23-057986

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