Bicycle will receive $45M up front, ~$223.8M in development & regulatory/first commercial sale milestones, or ~$672.18M across all 3 target programs along with royalties. Bayer will be responsible for the fund & other activities
Bicycle will also receive high single-digit millions upon 3rd target selection (which Bayer has a one-time right to expand the collaboration to include 3rd target program), high single-digit millions as a one-time option fee, or low single-digit millions in the quarterly payments bringing the total deal value to ~$1.7B
The collaboration will strengthen Bayer’s oncology development pipeline with the addition of targeted radiotherapeutics using Bicycle’s peptide-based technology
Ref: Bayer | Image: Bayer
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