BoomRay and Novartis sign $900m deal for radioligand therapy

China-based biotechnology company BoomRay Pharmaceuticals and Novartis Pharma have signed an exclusive worldwide licence agreement for a preclinical radioligand therapy asset valued at up to $900 million. The deal includes an upfront payment, potential development, regulatory, and sales milestone payments, as well as possible royalties on future global net sales. The partnership combines BoomRay's experience in radioligand therapies with Novartis's global presence in the field. BoomRay focuses on advancing radioligand therapies for oncology diagnostics and therapeutics, including candidate discovery, radiochemistry, and clinical translation. Novartis strengthened its position in the radiopharmaceutical sector in May 2024 by acquiring Mariana Oncology for an upfront payment of $1 billion and up to an additional $750 million tied to milestone achievements.