BoomRay Pharmaceuticals has signed an exclusive global licensing agreement with Novartis Pharma AG to develop an undisclosed, preclinical radioligand therapy (RLT) asset. Under the $900 million deal, the China-based, clinical-stage biotech will receive an upfront payment and is eligible for future regulatory, development, and sales milestones, alongside global sales royalties. The partnership pairs BoomRay's early-stage precision oncology R&D with Novartis's established global scale in the radiopharmaceutical sector.

The agreement brings together BoomRay's discovery and development capabilities with the global expertise of Novartis in the RLT space, to pursue the goal of delivering meaningful therapeutic benefit to patients worldwide.

Under the terms of the agreement, BoomRay will be eligible to receive up to US$ 900 million, including an upfront payment as well as development, regulatory, and sales milestone payments. In addition, royalties may be earned on future global net sales.

"We are honored and excited to enter into this agreement with Novartis, a recognized global leader in radioligand therapies, with an exceptional track record in delivering transformative medicines to patients," said Bo Shan, Chief Executive Officer of BoomRay. "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."

"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," said Shiva Malek, Global Head of Oncology, Biomedical Research at Novartis. "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 program and helping to bring new treatment options to patients around the world."

BFC Group acted as the financial advisor to BoomRay.