The agreement includes an upfront payment, as well as potential development, regulatory, and sales milestone payments for BoomRay, along with possible royalties on future global net sales.
The partnership combines BoomRay’s development experience in RLTs and Novartis’s global presence in the field.
BoomRay focuses on advancing radioligand therapies for precision oncology diagnostics and therapeutics, with activities across candidate discovery, radiochemistry, and clinical translation.
BoomRay CEO Bo Shan said: “This agreement marks a significant milestone for BoomRay and is a strong validation of our discovery and development capabilities. We believe this agreement with Novartis will unlock the full potential of this asset and accelerate its path to patients worldwide.”
Novartis oncology, biomedical research global head Shiva Malek said: “Radioligand therapies represent an important frontier in oncology, and at Novartis, we remain focused on driving breakthrough science that can expand their potential for patients.
“Our agreement with BoomRay complements our growing radioligand therapy portfolio and reflects our strategy of combining external innovation with our cutting-edge research and development capabilities.
“We look forward to advancing this promising programme and helping to bring new treatment options to patients around the world.”
BFC Group served as the financial adviser to BoomRay in this transaction.
BoomRay is advancing a pipeline of radiopharmaceutical candidates and operates a fully integrated research and development platform with a focus on addressing unmet medical needs in oncology.
In May 2024, Novartis strengthened its position in the radiopharmaceutical sector by acquiring Mariana Oncology for an upfront payment of $1bn, and up to an additional $750m tied to milestone achievements.