Bicycle Therapeutics has secured USD 555 million via a private placement led by a US-based healthcare firm, with participation from Deep Track Capital, EcoR1 Capital, Fairmount, Forbion, Perceptive Advisors, and RA Capital Management. The transaction involved the issue and sale of ~25.9 million American depositary shares (ADSs), each representing one ordinary share priced at USD 21.42 per share. The round is expected to close on May 28, 2024.

The company plans to use the funds to support the clinical development of the therapeutic portfolio, other R&D pursuits, and general corporate purposes.

UK-based Bicycle Therapeutics develops novel therapeutics, primarily targeting oncology. Known as "bicycle molecules," these are synthetic short peptides constrained to form two loops to enhance their structural stability and functionality. The company’s lead candidates include BT5528, BT8009, and BT1718, which are bicycle toxin conjugates (BTCs) aimed at treating various cancers such as solid tumors. The company is exploring other therapeutic areas beyond oncology, such as respiratory, cardiovascular, and metabolic disease.