Novartis signs $900m deal for BoomRay radioligand therapy

Novartis Pharma has entered an exclusive worldwide licensing agreement with China-based biotechnology firm BoomRay Pharmaceuticals for an undisclosed preclinical radioligand therapy asset. The transaction, valued at up to $900m, secures global rights to the compound and includes an upfront payment alongside potential development, regulatory, and sales milestones. BoomRay will also be eligible for royalties on future global net sales.

The partnership leverages BoomRay’s expertise in radioligand therapy development and Novartis’s extensive global presence in the sector. BoomRay specialises in precision oncology diagnostics and therapeutics, maintaining activities across candidate discovery, radiochemistry, and clinical translation. The company operates a fully integrated research and development platform aimed at addressing unmet medical needs in oncology through a pipeline of radiopharmaceutical candidates.

Bo Shan, chief executive of BoomRay, described the agreement as a significant milestone that validates the company’s discovery and development capabilities. He stated that the collaboration would unlock the asset’s full potential and accelerate its path to patients worldwide. Shiva Malek, global head of oncology and biomedical research at Novartis, noted that radioligand therapies represent an important frontier in oncology. He added that the deal complements Novartis’s growing portfolio and reflects a strategy of combining external innovation with internal research capabilities to bring new treatment options to patients.

BFC Group served as the financial adviser to BoomRay in this transaction. This move follows Novartis’s acquisition of Mariana Oncology in May 2024, a deal involving a $1bn upfront payment and up to $750m in additional milestone achievements, which further strengthened its position in the radiopharmaceutical sector.