Bicycle Therapeutics plc announced a 15‑year contract with the UK Nuclear Decommissioning Authority that will provide up to 400 tonnes of reprocessed uranium, the raw material needed to produce the alpha‑emitting isotope lead‑212 used in targeted alpha therapy.
The company also entered a collaboration with the UK National Nuclear Laboratory to extract thorium‑228 from the reprocessed uranium, convert it to radium‑224, and load it into a bespoke lead‑212 generator that SpectronRx is developing exclusively for Bicycle. The arrangement creates the world’s first end‑to‑end 212Pb radiopharmaceutical ecosystem, from isotope production to clinical‑grade generator supply.
By owning the entire supply chain, Bicycle eliminates dependence on external isotope suppliers, reduces lead‑time for clinical trials, and strengthens its competitive moat in the emerging alpha‑therapy market. The partnership aligns with the UK’s ambition to repurpose nuclear materials for life‑saving healthcare and has attracted praise from government officials.
Bicycle’s management outlined a clear clinical roadmap: initial EphA2 human imaging data are expected in the first half of 2026, followed by the launch of a new clinical study later that year. These milestones will test the safety and efficacy of lead‑212‑based therapies for solid tumours and could open a new revenue stream for the company’s Bicycle® Radioconjugate (BRC) platform.
CEO Kevin Lee said the company “expects to present initial EphA2 human imaging data in the first half of 2026 and initiate a new clinical study in 2026.” Mike Hannay, Chief Product and Supply Chain Officer, added that the partnership “provides the resources and infrastructure needed to create the world’s first end‑to‑end 212Pb radiopharmaceutical ecosystem.” Liz Kendall, Secretary of State for Science, Innovation and Technology, welcomed the initiative as a “science‑fiction‑to‑reality” breakthrough.
The deal expands Bicycle’s portfolio beyond its existing peptide‑conjugate programs, positioning it to capture a growing share of the targeted alpha‑therapy market and potentially generate significant long‑term revenue from a proprietary supply chain that is both sustainable and scalable.
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