Benzinga | Jul 13, 2021 08:06AM EDT

Bicycle, Ionis To Develop Targeted Oligonucleotide Therapeutics

* Bicycle Therapeutics plc (NASDAQ:BCYC) announced that Ionis Pharmaceuticals Inc (NASDAQ: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.