CAMBRIDGE, England & BOSTON–(BUSINESS WIRE)–Bicycle Therapeutics plc (Nasdaq: BCYC), a biotechnology company
pioneering a new class of therapeutics based on its proprietary bicyclic
peptide (Bicycle®) product platform, today announced the pricing
of its initial public offering in the United States of 4,333,333
American Depositary Shares (“ADSs”) representing 4,333,333 ordinary
shares at an initial public offering price of $14.00 per ADS, before
underwriting discounts and commissions. In addition, Bicycle has granted
the underwriters a 30-day option to purchase up to an additional 650,000
ADSs at the initial public offering price, less the underwriting
discounts and commissions. Bicycle’s ADSs are expected to begin trading
on The Nasdaq Global Select Market on May 23, 2019 under the ticker
symbol “BCYC.” All of the ADSs are being offered by Bicycle. The gross
proceeds of the offering, before deducting underwriting discounts and
commissions and other offering expenses payable by Bicycle, are expected
to be approximately $60.7 million, excluding any exercise of the
underwriters’ option to purchase additional ADSs. The offering is
expected to close on May 28, 2019, subject to the satisfaction of
customary closing conditions.

Goldman Sachs & Co. LLC, Jefferies LLC and Piper Jaffray & Co. are
acting as joint book-running managers for the offering. Canaccord
Genuity LLC is acting as lead manager for the offering.

The offering is being made only by means of a prospectus. Copies of the
final prospectus may be obtained, when available, from Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street, New York,
New York 10282, Telephone: 866-471-2526, Email: prospectus-ny@ny.email.gs.com;
from Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York, NY 10022, Telephone:
877-821-7388, Email: Prospectus_Department@Jefferies.com;
or from Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, Suite 1000, Minneapolis, Minnesota, 55402, Telephone:
(800) 747-3924, Email: prospectus@pjc.com.

A registration statement relating to the ADSs being sold in this
offering has been filed with the Securities and Exchange Commission and
became effective on May 22, 2019. Copies of the registration statement
can be accessed by visiting the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.

About Bicycle Therapeutics

Bicycle Therapeutics is a clinical-stage biopharmaceutical company
developing a novel class of medicines, referred to as Bicycles®,
for diseases that are underserved by existing therapeutics. Bicycles are
fully synthetic short peptides constrained to form two loops that
stabilize their structural geometry.

Contacts

Media:
Ten Bridge Communications
Sara Green
sgreen@tenbridgecommunications.com
+1-617-233-1714

Investors:
Argot Partners
Maeve Conneighton
maeve@argotpartners.com
+1-212-600-1902