Bicycle, Ionis To Develop Targeted Oligonucleotide Therapeutics

Bicycle Therapeutics plc BCYC announced that Ionis Pharmaceuticals Inc IONS has exercised its option and entered into an exclusive worldwide license and collaboration agreement to develop oligonucleotide therapeutics.
The agreement granted Ionis the right to evaluate tissue-targeting TfR1 binding Bicycles as vehicles to deliver oligonucleotide therapeutics to specific organ systems and an option to obtain an exclusive license at the end of the evaluation period.
Bicycle receives $45 million upfront and an $11 million equity investment. It is also eligible to receive milestone payments for each program developed under the collaboration.
Both the companies will collaborate to develop a pipeline of oligonucleotide candidates, while Bicycle retains the rights to use TfR1 Bicycles for all non-oligonucleotide therapeutic purposes.
Price Action: IONS and BCYC shares closed at $37.29 and $31.58, respectively, on Monday.