Bayer, Bicycle Therapeutics in cancer radiotherapy drug alliance

FRANKFURT, May 10 (Reuters) – German drugmaker Bayer (BAYGn.DE) on Wednesday said it acquired the rights to work with Bicycle Therapeutics (BCYC.O) on the British biotech firm’s radiotherapy cancer drug candidates.

Under the deal, Bicycle stands to receive an upfront payment of $45 million and potentially up $1.7 billion, contingent on development and commercial achievements, plus tiered royalties on sales.

The partners will work on Bicycle’s radioconjugates, which are peptides combined with radioactive particles that are designed to attach themselves to tumour cells and destroy them.

Reporting by Ludwig Burger Editing by Miranda Murray

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Source: Reuters