Bicycle stock jumps on pact with Bayer to develop radiopharmaceuticals for cancer
May 10, 2023 7:51 AM ETBicycle Therapeutics plc (BCYC)BAYRY, BAYZFBy: Ravikash, SA News Editor1 Comment
JHVEPhoto
- Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) and Bicycle Therapeutics (NASDAQ:BCYC) are collaborating to develop, make and sell Bicycle radioconjugates for multiple cancer targets.
- Bicycle will receive $45M upfront and potential development and commercial milestone payments of up to $1.7B, plus royalties on sales.
- Under the agreement, Bicycle will use its proprietary phage platform to discover and develop bicyclic peptides and Bayer will be responsible for and fully fund all further preclinical, development, manufacturing and commercialization activities.
- "We believe our bicyclic peptide platform, coupled with Bayer’s scale and expertise in developing radiopharmaceuticals, has the potential to deliver improved clinical outcomes for patients with cancer," said Bicycle CEO Kevin Lee.
- The collaboration will advance the use of bicycle peptides as a novel targeting approach in radiopharmaceuticals, according to the companies.
- BCYC +7.15% to $23.97 premarket May 10