Novartis signs up to $900 million deal with China's BoomRay for preclinical radioligand therapy

Novartis has licensed a preclinical radioligand therapy from BoomRay Pharmaceuticals, a Suzhou‑based biotech, in a deal that could be worth up to $900 million.

The agreement includes an undisclosed upfront payment and potential milestone payments tied to development, regulatory approval and sales, as well as royalties on future net sales.

Novartis did not reveal the candidate’s target or therapeutic indication, but said it aligns with the company’s strategy to expand its radioligand therapy portfolio with complementary programs.

The deal builds on Novartis’s existing radiopharma assets, including FDA‑approved Lutathera for neuroendocrine tumors and Pluvicto for prostate cancer, which generated $816 million and nearly $2 billion in revenue last year respectively.

Novartis is also advancing an investigational Actinium‑225‑based therapy for metastatic castration‑resistant prostate cancer in Phase 3 trials.