BoomRay Pharmaceuticals entered into an exclusive global license agreement with Novartis for an undisclosed preclinical radioligand therapy (RLT) asset.

The agreement pairs BoomRay's discovery and development capabilities with Novartis's global expertise in the radioligand therapy space, with both companies stating their shared goal of delivering meaningful therapeutic benefit to patients worldwide.¹

Radioligand therapies combine targeting molecules with radioactive isotopes to deliver radiation directly to cancer cells, and the deal adds a new preclinical asset to Novartis's existing footprint in the modality.

Under the terms of the agreement, BoomRay is set to receive up to $900 million, comprised of an upfront payment along with development, regulatory, and sales milestone payments, in addition to royalties on future global net sales.¹

What does the deal cover?

The agreement grants Novartis exclusive global rights to license the preclinical RLT asset from BoomRay. While the specific target, indication, and molecule have not been disclosed, the deal structure follows a common pattern in oncology licensing: an upfront payment secures rights to the asset, with additional payments tied to development, regulatory, and commercial milestones as the program advances. BoomRay also stands to earn royalties on net sales if the asset reaches the market, giving the company a continuing financial stake in its long-term success.¹

“Companies are increasingly looking for partners who can help them anticipate potential issues, prepare for local requirements and ensure compliance across the full journey. As this pipeline expands, execution increasingly depends on logistics partners that can consistently manage country-specific regulatory requirements, while keeping a pulse on international changes.” said Andrea Zobel, senior director, Global dangerous goods, World Courie, in a discussion with Pharmaceutical Executive. 

Why does this matter?

Radioligand therapy has become an increasingly competitive area of oncology drug development, and companies with established manufacturing, clinical, and commercial infrastructure in the space are actively seeking to expand their pipelines through external partnerships. Novartis has built a significant presence in radioligand therapies, including breaking ground for a new RLT manufacturing site in Denton, Texas.² This agreement extends that portfolio by bringing in an early-stage asset developed by BoomRay's discovery and development teams.

"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."

Novartis, for its part, framed the deal as consistent with a broader strategy of combining internally developed science with outside innovation. "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," said Malek.

What comes next?

With the agreement now in place, Novartis will take on responsibility for advancing the preclinical asset toward clinical development, drawing on its established radioligand therapy infrastructure.

Sources

1. BoomRay Enters Exclusive Global License Agreement with Novartis for a Novel Radioligand Therapy Asset BoomRay Pharmaceutical Co. September 22, 2026, https://www.prnewswire.com/news-releases/boomray-enters-exclusive-global-license-agreement-with-novartis-for-a-novel-radioligand-therapy-asset-302885500.html
2. Novartis breaks ground on Denton, Texas radioligand therapy site; construction now underway across all new US facilities Novartis May 7, 2026,https://www.novartis.com/us-en/news/media-releases/novartis-breaks-ground-denton-texas-radioligand-therapy-site-construction-now-underway-across-all-new-us-facilities