China-based Boomray Pharmaceuticals, a clinical-stage biotechnology company pioneering innovative radioligand therapies (RLTs) for precision oncology diagnostics and therapeutics, has entered into an exclusive global license agreement with Novartis for an undisclosed preclinical RLT asset.
The agreement combines BoomRay’s discovery and development capabilities with Novartis’s global expertise in radioligand therapies to deliver meaningful therapeutic benefit to patients worldwide.
Under the agreement, BoomRay will receive up to USD 900 million, comprising an upfront payment and development, regulatory and sales milestone payments. In addition, BoomRay is eligible to receive royalties on future global net sales.
Bo Shan, Chief Executive Officer of BoomRay, 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.”
Shiva Malek, Global Head of Oncology, Biomedical Research at Novartis, said radioligand therapies represent an important frontier in oncology.
“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.”
