Category: 3. Business

Kering and Ardian today announced the execution of a joint venture agreement effective immediately regarding the Kering property located at 715-717 Fifth Avenue in New York City. This exceptional location on one of the world’s most iconic avenues comprises multi-level luxury retail spaces totaling approximately 115,000 sq. ft (10,700 sq. m.). 

Following the partnership concluded earlier this year, Kering is contributing this asset to a newly created joint venture with Ardian, which will hold a 60% stake, with Kering retaining 40%. Kering’s interest in the joint venture will be accounted for under the equity method as of today.

The transaction amounted to USD900 million (EUR766 million), with net proceeds for Kering USD690 million (EUR587 million).

Jean-Marc Duplaix, Kering Chief Operating Officer, declared: “As we continue to execute our strategy regarding the management of our real estate portfolio, we are pursuing our successful partnership with leading investment firm Ardian. Like the investment agreement already signed in Paris, this transaction allows us to secure another long term highly prominent retail location for our Houses while enhancing our financial flexibility”. 

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate at Ardian, commented: “We are thrilled to continue our partnership with Kering. 715-717 Fifth Avenue offers exceptional visibility and long-term value.
This marks Ardian’s first real estate investment in the United States and our strategic expansion into this highly attractive market.”

Omar Fjer, Head of Real Estate France and Managing Director at Ardian, concluded: “This transaction reflects Ardian’s expertise in structuring innovative partnerships and securing assets with exceptional fundamentals. We are truly committed to acquiring and managing ultra prime assets in the most sought-after locations, which deliver lasting value for our stakeholders.”
 

 

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering’s Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.

Contacts

Press

Emilie Gargatte      +33 (0)1 45 64 61 20      emilie.gargatte@kering.com 
Caroline Bruel      +33 (0)1 45 64 62 53      caroline.bruel-ext@kering.com 

Analysts/investors

Philippine de Schonen      +33 (0)6 13 45 68 39       philippine.deschonen@kering.com 
Aurélie Husson-Dumoutier      +33 (0)1 45 64 60 45      aurelie.husson-dumoutier@kering.com 

 
About Ardian

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world. We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy. Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry. Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit. Ardian. Mastering change for lasting value.

ardian.com

Contacts

Press

Headland      ardian@headlandconsultancy.com  
 

Combining teclistamab and talquetamab deepens the depth and durability of response in patients with relapsed/refractory multiple myeloma with extramedullary disease (EMD), according to an international trial. Nearly 80% of patients achieved an overall response rate with a manageable safety profile through this novel dual-targeted approach, according to study outcomes recently published in the New England Journal of Medicine.

These results exceeded standard therapies, including bispecific monotherapies and BCMA CAR T-cell therapy, for a population of patients who usually have a dire prognosis. “It’s exciting to see that combining two bispecifics together is providing durable responses in patients whose survival rates have typically been quite poor,” says Shahzad Raza, MD, study co-author and a hematologist/oncologist at Cleveland Clinic Cancer Institute. “These outcomes represent a bold step forward that has the potential to be practice changing.”

The bispecific antibody teclistamab targets BCMA, while the bispecific antibody talquetamab targets GPRC5D. As monotherapies, teclistamab and talquetamab each provided modest benefits to patients with EMD. However, early research found combining the two medications made a notable difference.

This study focused on patients with EMD, including those with nonsecretory or oligosecretory myeloma, who are generally excluded from clinical studies. The study outcomes were presented previously at the European Hematology Society (EHA), International Myeloma Society (IMS) and most recently at the American Society of Hematology (ASH) annual meetings.

Background

True EMD, which is defined as soft-tissue plasmacytomas that are not contiguous to the bone, is a highly aggressive form of multiple myeloma and is associated with dismal outcomes. Historically, survival rates for those with EMD have been around one to two years.

Patients with EMD may initially respond to conventional treatments but the responses tend to be suboptimal and inferior to those without EMDs.

Study design

This phase 2 extension study was performed on talquetamab plus teclistamab exclusively in patients with drug-resistant, true extramedullary myeloma. The primary end point was overall response. Secondary end points included the duration of response, progression-free survival, overall survival and safety.

The RedirecTT-1 trial enrolled 90 patients, who received a combination of 0.8 mg per kg of body weight of talquetamab and 3.0 mg/kg of teclistamab every two weeks, with the option to switch to once a month dosing based either on confirmed ≥VGPR (very good partial response) after cycle 4 or the physician’s discretion after cycle 6. Patients’ progress was monitored via full-body PET CT scans as well as MRIs, blood work and bone marrow biopsies.

Study outcomes

Of this population of patients with drug resistance and true extramedullary disease, most responded to the combination of talquetamab and teclistamab. Seventy-nine percent of the 90 patients in the study achieved an overall response rate, including 54% who achieved a complete response. The median progression-free survival was 15.4 months.

Responses were consistent across tumor burden, cytogenetics, organ involvement and number of extramedullary sites.

More than 76% of responders switched to monthly dosing after cycles 4-6. This change in dosing did not diminish responses. In fact, 93% deepened or maintained response after switching.

Side effects

The rate of adverse events was consistent with previous studies of these agents delivered as monotherapies and did not increase as a result of combining the two therapies. Few patients discontinued treatment due to adverse events, and no new safety signals were indicated. Oral toxicities were mainly grades 1-2, with only 4% having grades 3-4.

Infection rates were high but manageable and seen during the early treatment course. The researchers found that monthly administration of IVIG helped lower infection rates. Other toxicities were manageable.

Five patients died due to infection, one from pneumonia due to COVID-19, one from pneumonia due to klebsiella infection, one from sepsis due to klebsiella infection, one from pneumonia due to unspecified infection and one from pseudomonal sepsis.

What’s next

“I’m grateful to our institute, my colleagues and our patients who participated in this groundbreaking research,” says Dr. Raza. “This unique combination of therapies may be a game changer for this group of patients who previously had few treatment options available to them.”

Cleveland Clinic Cancer Institute continues to investigate new therapies such as trispecific antibodies, bispecific T-cell engagers and allogenic CAR-T for treating multiple myeloma.

Hear our podcast with Dr. Raza about the RedirecTT-1 trial.

Mr Jack Williams, Senior Vice President of Exxon Mobil Corporation,

Distinguished guests, 

Ladies and gentlemen,

Introduction

1.                 Good morning. It is my pleasure to join you today for the opening of ExxonMobil’s Singapore Resid Upgrade Facility. 

2.                 This occasion marks not only the start of EM’s new facility in Singapore, but also an important milestone in the longstanding partnership between Singapore and ExxonMobil, a partnership that has shaped the growth of our energy and chemicals (E&C) sector.

3.                 The E&C sector is a key pillar of Singapore’s manufacturing base, contributing around a quarter of Singapore’s total manufacturing output.

a.          It anchors Singapore within the global fuels and chemicals supply chain, while supporting our status as a maritime and aviation hub.

b.          Within our E&C sector, ExxonMobil is one of our most significant partners.

                                               i.               What began as just two refineries in the 1960s and 1970s has since evolved into a world-scale, integrated refining and petrochemical complex. 

                                              ii.               This is the culmination of more than S$30 billion of investment over the decades. 

                                            iii.               This has in turn built up production capacity in Singapore; created good jobs, deep and technical capabilities; and nurtured a strong network of suppliers and service providers.  

                                            iv.               In many ways, ExxonMobil has become a cornerstone of the E&C sector in Singapore. 

4.                 This did not happen overnight; it is the result of a decades-long partnership, built on trust, conviction, and a shared belief that Singapore can be a stable, competitive and forward-looking home for world-scale manufacturing. 

5.                 Over the years, this partnership has been tested and strengthened through crisis after crisis. We have weathered economic downturns, global financial shocks, and industry cycles that have repeatedly challenged energy and chemicals players around the world. 

6.                 Today, the sector faces a different set of headwinds. 

a.          Global overcapacity is putting pressure on margins. 

b.          Demand patterns are shifting. 

c.          And the transition to a net-zero future is reshaping what customers, regulators and societies expect of the industry. 

7.                 These are structural shifts that call for adaptation, innovation and a willingness to transform. 

a.          Last month, we had outlined a refreshed vision for Jurong Island, to be a premier hub for specialty chemicals and sustainable materials, and a global testbed for new energies and low-carbon technologies. 

b.          Singapore will continue to invest in what makes us competitive – our skilled workforce, our high-quality infrastructure, our pro-business environment, and our integration into global flows of energy, goods and talent. 

c.          We will also work with industry leaders like ExxonMobil to strengthen capabilities in higher-value, lower-carbon and more sustainable manufacturing. 

8.                 The Singapore Resid Upgrade Facility is a good example of this. 

a.          This facility enhances the competitiveness of ExxonMobil’s Singapore complex by enabling the production of lower sulphur fuels and higher-value lubricant base stocks, through the conversion of bottom-of-the-barrel products. 

b.          Delivering this upgrade was a major undertaking.

                                               i.               Work on the facility carried on through the height of the COVID-19 pandemic. 

1.          In the midst of border restrictions, manpower constraints and supply chain disruptions, we worked closely together – Government and EM – to resolve all these issues, so that work on the facility could proceed safely and smoothly. 

                                              ii.               Extensive work was required to integrate the manufacturing site’s existing operating units and 22 new reactors, as well as to install over 150 kilometres of new pipeline, equivalent to about three times the length of Singapore from east to west. 

                                            iii.               EM also had to upskill and reskill its workforce to operate the new technologies and equipment and learn to integrate these with the existing operations. 

c.          More fundamentally, this facility signals something larger – that even in a challenging global environment, we can continue to upgrade, innovate and create long-term value. 

                                               i.               This new facility will strengthen Singapore’s E&C sector, by anchoring high-value manufacturing and supporting our shift to specialty and performance products. 

                                              ii.               This is the kind of investment – forward-looking, capability-enhancing, and sustainability-aligned – that will underpin the next phase of growth for the sector. 

9.                 Beyond this facility, EM is also partnering Singapore on the next frontier of energy innovation. 

a.          Last year, we launched the ExxonMobil–NTU–A*STAR Corporate Lab, the first established by an energy major in Singapore. 

b.          Through this partnership, researchers are developing solutions that help to lower carbon emissions and improve resource efficiency. 

10.             As we look to the future, I hope ExxonMobil will continue to see Singapore as a long-term strategic partner – not just a site for production, but a place where the company can test new technologies, develop new capabilities, and shape the future of energy and chemicals in Asia. 

a.          Singapore remains deeply committed to supporting this transformation.

                                               i.               We will continue to foster a stable and trusted operating environment, strengthen the skills of our workforce, and build ecosystems that enable innovation and sustainability. 

b.          And by deepening our partnerships across ecosystems, Singapore can be a trusted hub where companies, researchers and innovators can come together to collaborate, invest and grow. 

11.             Congratulations once again to the ExxonMobil team and all your partners. 

12.             This facility stands as a reminder of what long-term partnership can achieve, and a strong signal of confidence that Singapore can shape a globally competitive, sustainable and resilient future for our energy and chemicals sector. 

13.             I look forward to building the next chapter of EM’s growth in Singapore, and I wish you many more decades of success and partnership with Singapore. 

14.             Thank you.

 

Investment Supports Growth of Prosol’s Proprietary Fresh Food Model and Distinctive Customer Proposition

NEW YORK, Dec. 16, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have agreed to acquire a majority stake in Prosol Group (“Prosol” or the “Company”), the multi-specialist in fresh food businesses and food retail in France, from Ardian. Prosol’s existing shareholders and management team will reinvest alongside the Apollo Funds.

Founded in 1992, Prosol has differentiated itself by building a proprietary, vertically integrated supply chain, sourcing fresh, quality products resulting in a highly loyal and fast-growing customer base. Prosol operates nearly 450 stores across France under two main banners: Grand Frais, where it provides the fruits, vegetables, dairy and fish; and Fresh., a fully owned chain of stores that sell fruits, vegetables, dairy, fish, and meat. By working with over 2,300 partners to source premium produce and focusing on best-in-class in-store experiences, Prosol’s retail concept has developed a leading position among customers, with Grand Frais achieving high consumer sentiment in France. Prosol’s portfolio of retail brands also includes La Boulangerie du Marché, mon-marché.fr, BioFrais, and Banco Fresco in Italy.

Alex van Hoek, Lead Partner for European Private Equity at Apollo, said, “Prosol is a clear category leader in fresh food retail, with a powerful customer proposition and outstanding sourcing model. Under the leadership of Jean-Paul, the Company has demonstrated consistent organic growth over time, providing shoppers with exceptional quality products, breadth of assortment and strong value for money. As Prosol looks to expand its estate both in France and internationally, Apollo will draw on our extensive retail expertise to support the management team’s growth plans while maintaining the distinctive identity beloved by customers.”

Jean-Paul Mochet, Chief Executive Officer at Prosol, said, “This investment marks the beginning of an exciting new chapter for Prosol and is testament to not only the strength of our business, but also the deep relationships we have formed with our suppliers and customers. With the support and expertise of such a strong partner in Apollo, we are well-positioned to achieve our long-term growth ambitions and bring our distinctive retail concept to more customers across Europe.”

Apollo’s private equity business has a long and successful track record of transforming businesses spanning more than 35 years, including significant experience in the retail and consumer sector. Apollo has been actively investing in France for more than two decades and today has about €14 billion invested with French companies across its strategies. Certain French private equity investments include Constellium, Verallia and Vallourec, while Apollo has also provided large-scale capital solutions to leading French corporates including Air France-KLM, EDF and TotalEnergies, among others. Atlantys Investors, founded by Jean-Luc Allavena, serves as an advisor to Apollo in France.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in Q2 2026.

UBS AG served as lead financial advisor to the Apollo Funds, while Royal Bank of Canada and Lazard also served as financial advisors. Sidley Austin LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cleary Gottlieb Steen & Hamilton LLP served as legal counsel on the transaction.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

About Prosol
A leading player in specialised food retail in France, PROSOL has been developing an integrated, fresh-food-focused model for more than 30 years. By exercising full control over the value chain — from agricultural sourcing to distribution — the company ensures freshness, quality and traceability, in support of better eating for all.

Designed as a true infrastructure dedicated to taste, PROSOL’s model is built on long-term partnerships with carefully selected producers, in-house expertise in product enhancement and maturation, proprietary production facilities, and a dedicated, high-performance logistics network.

With nearly 450 points of sale, PROSOL operates a portfolio of complementary retail brands, including Grand Frais, fresh., La Boulangerie du Marché, mon-marché.fr, BioFrais, and Banco Fresco in Italy. Within Grand Frais stores, the company directly operates the fruit and vegetable, fish, dairy and cheese departments, as well as butchery departments in the Paris region and Eastern France.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

SoundCloud has confirmed that recent service outages and VPN access disruptions were caused by a security breach that exposed a portion of its user database, including email addresses and profile information. The disclosure comes after days of user complaints reporting “403 forbidden” errors when attempting to access the platform through virtual private networks.

The audio streaming company acknowledged that threat actors gained unauthorized access to one of its internal systems, prompting an incident response that included security containment measures, some of which unintentionally disrupted VPN connectivity.

Unauthorized Access Detected in Internal Service Dashboard

In a statement, SoundCloud said it recently detected unauthorized activity involving an ancillary service dashboard and immediately activated its internal incident response procedures.

We understand that a purported threat actor group accessed certain limited data that we hold,” the company said, adding that its investigation has now been completed.

According to SoundCloud, the breach was limited in scope and did not involve sensitive data such as passwords, financial information, or authentication credentials. The exposed data consisted only of users’ email addresses and information already visible on public SoundCloud profiles.

Up to 20% of Users Potentially Impacted

Despite SoundCloud’s assurances, the scale of the incident appears significant. Sources familiar with the matter said that approximately 20% of SoundCloud’s user base was affected by the breach. Based on publicly reported figures, this could translate to roughly 28 million user accounts.

SoundCloud has not independently confirmed the exact number of impacted users but said it is confident that all unauthorized access has now been blocked and that there is no ongoing risk to its systems.

As part of its containment efforts, SoundCloud implemented configuration changes designed to protect its infrastructure. However, these changes resulted in widespread VPN access disruptions, preventing users from connecting to the platform while using VPN services.

The company acknowledged the issue but has not provided a clear timeline for when VPN access will be fully restored. The lack of clarity has drawn criticism from privacy-conscious users who rely on VPNs for secure browsing.

Following the breach disclosure and mitigation steps, SoundCloud also experienced denial-of-service attacks that temporarily affected the availability of its web platform. The company did not attribute these attacks to the same threat actor but confirmed they were addressed as part of its broader security response.

SoundCloud said it is working with third-party cybersecurity experts to strengthen its defenses. Measures taken include enhanced monitoring and threat detection, a review of identity and access controls, and a wider assessment of related systems to prevent further compromise.

ShinyHunters Gang Allegedly Behind the Breach

While SoundCloud has not officially named the group responsible, BleepingComputer reported receiving information suggesting that the ShinyHunters extortion gang was behind the attack. According to the report, the group is allegedly attempting to extort SoundCloud after stealing a database containing user information.

ShinyHunters is a well-known cybercrime group linked to several high-profile data breaches in recent years. The same group has also been implicated in a separate breach involving PornHub, reported earlier the same day.

SoundCloud has declined to comment on the identity of the attackers or on any extortion demands.

What This Means for Users

Although SoundCloud maintains that no passwords or financial data were compromised, the exposure of email addresses still raises concerns about phishing and targeted scams. Cybersecurity experts typically warn that even limited data leaks can be exploited in follow-up attacks, particularly when combined with information from other breaches.

Users are advised to remain cautious of unsolicited emails, avoid clicking on suspicious links, and ensure that their SoundCloud-associated email accounts are protected with strong passwords and multi-factor authentication.

An innovative new anti-vaping ad campaign called Don’t let vaping in has been launched in South Australia to encourage more young people to quit.

This campaign is different to traditional approaches by incorporating an interactive element designed to engage audiences through social media, targeting young people who vape.

While the latest data shows vaping rates in young people are decreasing, there are still too many caught in the vaping cycle of nicotine addiction.

Data from the South Australian Health and Medical Research Institute (SAHMRI) shows 10.8 per cent of young people aged between 15 and 29 vaped in 2024, down from 15.1 per cent in 2023.

The Don’t let vaping in campaign, developed by Quit Tasmania, is a modern, relatable and highly engaging portrayal of vaping addiction, with the personification of a vape as an online nuisance.

The campaign’s video advertisements will appear in a range of social media platforms, including TikTok, Instagram, Reddit and YouTube. Further campaign reach will be achieved through audio (Spotify and Listnr) and in outdoor advertising.

To effectively support young people to quit vaping, it is important to engage with them through multiple platforms and communication styles.

For this reason, a component of the campaign has been specifically designed to interact with users aged 16 years and over on the social media platform, TikTok.

When users interact with the videos they view, messages will be sent to them about addiction to vaping, creating a pathway to quitting advice and tools to help them quit.

A dedicated website will also boost the campaign’s modern look and feel, designed to engage young people with quick, accessible quit support information and strategies for managing cravings and withdrawal.

The Malinauskas Government has introduced a range of measures and laws targeting vaping and smoking in South Australia including:

• Investing $16 million in a taskforce within Consumer and Business Services (CBS) to tackle the illicit trade.
• Implementing a raft of new smoke and vape free public areas near beach jetties, schools, kids’ sporting events and shopping centre entrances.
• Banning the sale of therapeutic vapes to under 18s.
• Becoming the first state in the nation to ban highly addictive nicotine pouches.
• Banning vending machine sales of tobacco products in public areas.
• Delivering new education campaigns in schools to prevent children taking up vapes.
• Rolling out hard-hitting media advertising campaigns targeted specifically at young people about the harms of vaping.

South Australia’s response to tobacco and vapes has been rated the best in the country, according to a national scorecard released by the Australian Council on Smoking and Health.

To test the effectiveness of the Don’t let vaping in campaign, 400 young South Australians completed online surveys to provide feedback.

Sixty-four per cent of the surveyed cohort reported that the advertisement ‘makes me stop and think’, 67 per cent said it acts as a strong argument to quit vaping, 70 per cent reported the advertisement makes them feel concerned about their vaping, 69 per cent felt motivated to quit, and 64 per cent believed it could help someone realise they are addicted to vaping.

Quit Tasmania reported the advertisement performed very well, driving awareness and delivering more than 5 million impressions (single views) across social media platforms, and more than 14,000 visits to the quit support website.

The Don’t let vaping in campaign will air in South Australia over the next five weeks as part of the South Australian Government’s smoking and vaping harms awareness campaign.

People who smoke or vape are also encouraged to visit their GP to discuss how to begin their quitting journey. For additional support, call Quitline on 137 848 to talk to a counsellor, or visit besmokefree.com.au or bevapefree.com.au for more information.

Ad campaign materials can be accessed here.

---

Quotes

Attributable to Chris Picton

Vapes are full of highly addictive nicotine and nasty chemicals and we want our young people to stay away from them.

This new campaign is aimed at grabbing the attention of younger South Australians to highlight just how addictive and dangerous vapes are.

South Australia is leading the way in tackling this important health issue and it’s great that our measures are working. We want even more young people to quit vaping – or better yet, never take it up.

The only thing we should be putting in our lungs is air.

Attributable to Preventive Health SA Chief Executive Marina Bowshall

The ‘Don’t let vaping in’ campaign is expected to transform young people’s perception of vaping to make them stop and think about the very real consequences of this addictive and dangerous habit.

The unique interactive component is an innovative way to increase awareness among young South Australians.

Vaping and smoking are highly addictive – we are keen to see the positive impacts of this creative campaign.

Tens of thousands of doses of cutting-edge cancer therapies, which could help save lives and tackle some of the hardest-to-treat forms of cancer, are set to be produced from hundreds of tonnes of reprocessed uranium, generated from historic processing of spent nuclear reactor fuel. This work is being made possible thanks to a landmark agreement between the cutting-edge biotech firm Bicycle Therapeutics, and the UK Nuclear Decommissioning Authority, being announced today (Tuesday 16 December). Bicycle was co-founded by one of the luminaries of British science, Sir Greg Winter, who was honoured with the Nobel Prize for Chemistry in 2018.

Bicycle will use a groundbreaking process developed by United Kingdom National Nuclear Laboratory (UKNNL) to harvest the valuable medical isotope lead-212 from reprocessed uranium. A tiny amount of lead-212’s parent material – equivalent to a single drop of water in an Olympic-sized swimming pool – is extracted through a series of processes, and through radioactive decay. An even tinier amount of lead-212 is then taken for use in radiopharmaceuticals: a type of precision medicine that could help treat some of the cancers that conventional treatments struggle to tackle.

The UK Nuclear Decommissioning Authority is set to provide Bicycle with access to up to 400 tonnes of material, in the form of reprocessed uranium, over 15 years. Reprocessed uranium will continually regenerate the isotopes required for this process, providing an enduring source of tens of thousands of doses of lead-212, for lifesaving precision therapies, each year.

Science and Technology Secretary Liz Kendall said:

Cancer is a disease that affects millions worldwide, and tears too many families apart. Breakthroughs in medical science are giving more cancer patients and their loved ones hope, and this unique partnership could help take that work even further.

Turning nuclear material into cutting-edge cancer treatments sounds like science fiction – but thanks to the brilliance of scientists, researchers and doctors, it could be a life-saving reality. Work like this shows exactly why we’re determined to support our life sciences innovators to make groundbreaking new treatments possible.

Bicycle Therapeutics CEO Kevin Lee, Ph.D., said:

As a UK-based biotech company, we are incredibly grateful to the UK Government for their recognition of Bicycle’s Nobel-prize winning science and potential to create radiopharmaceutical cancer therapies from up to 400 tonnes of reprocessed uranium over 15 years. We are proud to be part of the British life sciences ecosystem and collaborate to help people and support economic growth. This is a significant milestone, bringing us closer to our goal of helping patients live longer and live well.

This builds on the government’s wider work to transform cancer care across the NHS. It is overhauling the health service to catch cancer sooner and save lives – expanding diagnostic capacity and investing in new technology to ensure patients can access timely, high-quality care. This includes cutting cancer waiting times, with 110,000 more patients being diagnosed or having cancer ruled out within 28 days from an urgent GP or screening service referral between November 2024 to October 2025 compared to the previous year.

Health Innovation Minister, Dr Zubir Ahmed, said:

Every breakthrough that gives patients and their loved ones new hope matters deeply – and this extraordinary partnership could be truly life-changing for people facing some of the hardest-to-treat cancers.

I’m immensely proud that we’re backing partnerships like this, showcasing how British innovation can transform lives. By turning nuclear material into precision cancer treatments, we’re opening new frontiers in the fight against this deadly disease.

This is exactly the kind of bold thinking that will help us build an NHS fit for the future – harnessing life sciences potential to improve care, save lives, and drive economic growth across the UK.

Julianne Antrobus, Chief Executive Officer at UKNNL, said:   

Our purpose is nuclear science to benefit society, and this partnership is a perfect example of this in action. We’re proud to be part of the nuclear and life sciences sectors coming together, forging innovative collaborations that tackle some of healthcare’s most pressing challenges in transformative ways. It’s incredible to see UKNNL’s expertise at the forefront of the global fight against cancer. Decades of research by our dedicated teams has made unique partnerships like this possible, and I look forward to seeing our work with Bicycle and the NDA progress.

NDA Group CEO, David Peattie, said:

We’re proud to make part of our uranium inventory available to Bicycle, enabling the development of innovative, life-saving treatments.

As the organisation entrusted with the safe and secure management, storage, and disposal of the UK’s radioactive materials and waste—a responsibility we take extremely seriously—this collaboration demonstrates how we can go beyond our core mission.

By leveraging our unique capabilities, expertise, and resources, we’re helping to advance wider UK Government ambitions and create a lasting positive legacy for the nation.

Radiopharmaceuticals work by delivering radiotherapy directly to cancer cells: destroying tumours while reducing the chances of side effects. This could help the treatment of cancers that conventional therapies can sometimes struggle to tackle, including prostate cancer, and neuroendocrine cancers that can affect organs like the gut and pancreas.

Bicycle will extract lead-212 with a novel radioisotope generator, developed exclusively for them by medical isotope experts Spectron Rx.

Bicycle Therapeutics is a clinical-stage biopharmaceutical company headquartered in Cambridge (UK) developing a novel class of medicines, referred to as Bicycle® molecules, for diseases that are underserved by existing therapeutics.

All of this complements the £20 million funding announced, last month, for research into lead-212 extraction being conducted by UKNNL and Medicines Discovery Catapult. The government is determined to unleash a golden era of nuclear technology and innovation, and today’s news comes hot on the heels of government backing for Sizewell C on the Suffolk coast and small modular reactors in North Wales.

Notes to Editors

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