Bicycle stock pops on cancer drug discovery pact with Novartis, gets $50M upfront

Mar. 28, 2023 7:27 AM ETBicycle Therapeutics plc (BCYC), NVSBy: Ravikash, SA News Editor

Bicycle Therapeutics (NASDAQ:BCYC) signed an agreement with Novartis (NYSE:NVS) to develop and commercialize Bicycle radio-conjugates (BRCs) for multiple oncology targets.
Under the agreement, Bicycle will get $50M upfront and is eligible for development and commercial milestone payments totaling up to $1.7B plus royalties on products sold.
Bicycle will use its proprietary phage platform to discover Bicycles to be developed into BRCs. The Swiss pharma giant will be responsible to further develop and commercialize the BRCs.
"We believe the properties of Bicycles make them well suited for the development of precision guided radiopharmaceuticals and represents the next leg in the application of our proprietary discovery platform in oncology," said Bicycle CEO Kevin Lee.
BCYC +2.03% to 20.58 premarket March 28