In a bid to bolster its radiopharmaceutical portfolio, Bayer has agreed to pay US$45 M upfront to collaborate with Bicycle Therapeutics. The deal, which includes a US$45 M upfront payment and could be valued up to US$1.7 B, will provide Bayer with access to Bicycle's proprietary peptide-based technology to develop novel radio conjugates for multiple agreed upon oncology targets. This deal will provide Bicycle access to Bayer’s expertise in radiotherapy as the big pharma already markets a radiotherapy in the form of prostate cancer treatment, Xofigo.