Bicycle expands I-O deal with Genentech

UK-based biotech Bicycle Therapeutics (Nasdaq: BCYC) today announced that Swiss pharma giant Roche’s (ROG: SIX) subsidiary Genentech has exercised an option to initiate a new program, expanding the exclusive strategic collaboration agreement with Bicycle to discover, develop and commercialize novel Bicycle-based immuno-oncology therapies.

Bicycle, whose shares edged up 2.3% to $53.66 in pre-market trading today, and Genentech are collaborating on the discovery and pre-clinical development of novel Bicycle-based immunotherapies against multiple targets. Under the terms of the February 2020 agreement, Genentech has exercised an option to include a new program under the agreement, triggering a $10 million payment to Bicycle.

The UK company is eligible for potential discovery, development, regulatory and commercial-based milestone payments could total up to $1.7 billion. None of the compounds in Bicycle’s wholly-owned oncology pipeline, including its immuno-oncology candidates, are included in the collaboration.

“We are pleased both with the progress achieved so far in our ongoing work with Genentech and that Genentech has elected to exercise an option to add a new program under the collaboration. We believe the expansion of our collaboration underscores the potential utility of Bicycles compared to other modalities, as well as the potential broad applicability of Bicycles in a wide-range of targets,” said Kevin Lee, chief executive of Bicycle Therapeutics. “We look forward to continuing to work closely with the preeminent immuno-oncology team at Genentech to develop potential new cancer treatments based on Bicycles,” he added.

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