Novartis licenses preclinical radioligand from China's BoomRay in up to $900 million deal

Novartis has expanded its radiopharmaceutical pipeline by signing a licensing agreement with Chinese biotech BoomRay Therapeutics.

The deal could be worth up to $900 million, including an upfront cash payment and potential future royalties and milestones tied to development, regulatory approvals and sales.

BoomRay’s preclinical program includes a brain tumor diagnostic using fluorine-18 and theranostic candidates that target fibroblast activation protein and Nectin-4 for solid tumors. Novartis executives said the agreement aligns with their strategy to combine external innovation with internal R&D.