---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-057986"
form_type: "8-K"
ticker: "BCYC"
cik: "0001761612"
company_name: "BICYCLE THERAPEUTICS PLC"
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:46:54.355443+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-057986
- form_type: 8-K
- ticker: BCYC
- cik: 0001761612
- company_name: BICYCLE THERAPEUTICS PLC
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/0001104659-23-057986-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/tm2314992d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-057986
- JSON: https://secwatch.observer/filing/0001104659-23-057986.json
- Plain text: https://secwatch.observer/filing/0001104659-23-057986.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/0001104659-23-057986-index.htm

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