Bicycle Therapeutics plc announced that it has entered into a a securities purchase agreement with certain existing and new accredited investors to issue and sell an aggregate of 25,933,706 American Depositary Shares at an issue price of $21.42 per share for the aggregate gross proceeds of $555,499,983 on May 23, 2024. The transaction included participation from existing and new investors such as Deep Track Capital, LP; EcoR1 Capital, LLC; Perceptive Advisors LLC; RA Capital Management, L.P.; Fairmount and Forbion. The financing is expected to close on May 28, 2024, subject to customary closing conditions.

The offer and sale of the securities to be sold in the PIPE are being made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended.