AstraZeneca Rides with Bicycle in Drug Deal Worth up to $1B

London-based AstraZeneca has signed a deal with small, private biotech firm Bicycle Therapeutics to develop a class of small molecule medicines for treating respiratory, cardiovascular and metabolic diseases.

According to both companies, the relationship could be worth more than $1 billion.

The early-stage research is focused on using Bicycle's “bicyclic peptide” products, which share characteristics of injectable antibody drugs but are small molecules that could be prescribed as pills. Bicycle will be responsible for tagging "bicycles", while AstraZeneca will shoulder R&D and commercialization for selected peptides.

In November, AstraZeneca expanded its biotech capabilities with an Amgen plant buy.

Read the Reuters report