Bicycle Therapeutics rises on cancer radiotherapy drug alliance with Bayer

Bicycle Therapeutics

10/05/2023 13:35

** Shares of Bicycle Therapeutics Plc  BCYC.O  rise 7.24% to
$23.99 in premarket trading 
    ** German drugmaker Bayer AG  BAYGn.DE  said it acquired the
rights to work with BCYC on the British biotech firm's
radiotherapy cancer drug candidates 
    ** Under the deal, Bicycle stands to receive an upfront
payment of $45 mln and potentially up to $1.7 bln contingent on
development and commercial achievements, plus tiered royalties
on sales
    ** The partners will work on BCYC's radioconjugates, which
are peptides combined with radioactive particles that are
designed to attach themselves to tumor cells and destroy them
    ** YTD, BCYC stock down 24.43%, as of last close 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))