Bayer and Bicycle Therapeutics Announce $1.7 Billion Strategic Collaboration to Develop Targeted Radiopharmaceuticals for Oncology

On May 10, Bayer and Bicycle Therapeutics announced a strategic collaboration agreement. The two parties will utilize Bicycle Therapeutics' synthetic peptide technology (Bicycle®) to collaborate on the development, manufacturing, and commercialization of targeted radiopharmaceuticals in the field of oncology.

Targeted radiotherapy is an innovative class of cancer treatment methods. Based on its unique mechanism of action, it has the potential to provide new treatment options for patients with highly unmet medical needs. Under the agreement, Bicycle will use its proprietary phage platform to discover and develop bicyclic peptides, while Bayer will be responsible for and fully fund all further preclinical and clinical development, manufacturing, and commercialization activities. Bicycle will receive a $45 million upfront payment and potential development and commercial milestone payments, which could total up to $1.7 billion. Additionally, Bicycle will be eligible to receive tiered royalties in the mid-single to double-digit range.

Bicycle peptides are peptide substances composed of 9-20 amino acids. They can be prepared synthetically and bind to targets with high affinity and selectivity, exhibiting high tumor penetration and the ability to be rapidly excreted from healthy organs. The low molecular weight and tunable pharmacokinetic properties of bicycle peptides, along with their large surface area for molecular interactions, enable the targeting of protein-protein interactions. The two companies will jointly utilize Bicycle Therapeutics' peptide technology to develop bicyclic peptide-targeted radiopharmaceuticals for multiple undisclosed oncology targets.

Dr. Christian Rommel, Global Head of Research and Development at Bayer Pharmaceuticals and member of the Executive Committee, said: "At Bayer, we collaborate with strategic partners to accelerate innovation. Through Bicycle's proprietary peptide technology, we continue to strengthen our oncology development pipeline by adding next-generation targeted radiopharmaceuticals to meet the significant unmet medical needs of cancer patients."

Bicycle Therapeutics CEO Dr. Kevin Lee said, "Bayer is a pioneer in the field of radiopharmaceuticals, providing new validation for our unique technology. We believe that combining our bicyclic peptide technology platform with Bayer's scale and expertise in radiopharmaceutical development has the potential to deliver improved clinical outcomes for cancer patients. We look forward to collaborating with Bayer to advance potential first-in-class radiopharmaceutical therapies based on bicyclic peptides."

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