Bicycle Therapeutics set to pocket up to $1.7 billion in deal with Bayer
Shares of UK biotech Bicycle Therapeutics (Nasdaq: BCYC) rode up 8.6% to $24.30 by mid-morning US trading, on the news of a potentially lucrative deal with Germany’s Bayer (BAYN: DE).
The companies have entered into a strategic collaboration agreement to discover, develop, manufacture, and commercialize Bicycle radioconjugates for multiple agreed upon oncology target, utilizing proprietary bicyclic peptides technology (Bicycle),
With the Bayer deal, Bicycle can now tout partnerships with both of the major pharma players who have approved radiotherapy medicines on the market, the other being Novartis (NOVN: VX). Bayer moved into the space in 2013 through its $2.9 billion acquisition of Algeta, the small Norwegian biotech behind what is now the marketed cancer product Xofigo (radium-223 dichloride).
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