Adding to its existing radiopharmaceutical portfolio, Novartis has signed a collaboration with Bicycle Therapeutics to develop, manufacture and commercialise Bicycle® radio-conjugates (BRCs) for multiple agreed upon oncology targets. The deal, which is worth up to US$1.7 B, will leverage Bicycle’s bicyclic peptide (Bicycle®) technology to develop medicines with favourable drug-like properties. The collaboration comes shortly after Novartis announced it was implementing a new strategy of focusing on only a limited number of therapeutic areas and was therefore cutting several of its existing partnerships.