Bicycle, Novartis Ink Oncology Deal Worth up to $1.7B

(March 28, 2023) | By Rosemary Scott.

Bicycle Therapeutics and Novartis announced Tuesday they have inked a deal worth up to $1.7 billion to discover and develop several targeted radioligand therapies in oncology.

The pair will use Bicycle’s proprietary bicyclic peptide (Bicycle) technology to develop what it calls Bicycle radio-conjugates (BRCs) for multiple oncology targets. After the BRCs are developed, Novartis will take over and see them through manufacturing and commercialization. 

Under the terms of the deal, Novartis will fund all pre-clinical and clinical development and commercialization activities and pay Bicycle $50 million upfront. Bicycle will then be eligible for milestone payments worth up to $1.7 billion and tiered royalties on Bicycle-based medicines that Novartis commercializes.