Roche Group member Genentech has the exclusive strategic partnership agreement with by exercising its second option to commence a new programme.
The initial agreement was signed in February 2020 for discovering, developing and marketing new immuno-oncology therapies based on Bicycle鈥檚 bicyclic peptide technology.
Under the deal, the companies are working on discovering and conducting pre-clinical development of new immunotherapies based on Bicycle technology against various targets.
As per the 2020 agreement, Genentech received two partnership expansion options, each of which offered the company the right to include one further programme in the partnership for a payment of $10m to Bicycle.
Genentech exercised its first expansion option in October last year and now exercised the second option, resulting in further payment of $10m.
The agreement is exclusive of the compounds in the oncology pipeline of Bicycle, including its candidates.
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By GlobalDataBicycle Therapeutics CEO Kevin Lee said: 鈥淲e are pleased both with the ongoing progress in our collaboration with the preeminent immuno-oncology team at Genentech and that Genentech has once again elected to exercise an option to add a new programme.
鈥淭his represents the second expansion option exercised by Genentech under the terms of our collaboration agreement, and we believe this highlights the potential of Bicycles across a wide range of targets.鈥�
The companies will continue the partnership for developing potential new cancer therapies based on Bicycle technology.
A biotechnology company, Bicycle has a differentiated class of therapies based on its bicyclic peptide technology.
In September last year, Genentech and Adaptimmune Therapeutics entered a strategic partnership and licence agreement for developing and marketing allogeneic cell therapies for treating multiple cancer indications.
