UK-based biotech Bicycle Therapeutics and Bayer have entered into a strategic collaboration agreement to develop and commercialize radioconjugates for multiple oncology targets, the two announced this week.
Under the terms of the partnership, Bayer will give Bicycle an upfront payment of $45 million, followed by potential future development and commercial-based milestones that could total $1.7 billion. Bayer will be responsible for all costs associated with further clinical development, manufacturing and commercialization processes.
Bicycle’s proprietary peptides are synthetic peptides with 9-20 amino acids that can bind to targets with high specificity and affinity, and because they are small in size, the biotech says they can penetrate tumors while being rapidly eliminated from healthy organs.
Bicycle inked a similar deal — also worth up the $1.7B — with Novartis back in March.
