BoomRay Licenses Preclinical Radioligand Asset to Novartis

Boomray Pharmaceuticals has entered into an exclusive global licensing agreement with Novartis for a preclinical radioligand therapy (RLT) asset being developed for precision oncology.

Under the agreement, BoomRay will be eligible to receive up to $900 million, including an upfront payment and development, regulatory and sales milestone payments. The deal also includes royalties on potential future global net sales.

The financial terms of the upfront payment were not disclosed.

BoomRay is a clinical-stage biotechnology company focused on developing radioligand therapies for cancer diagnosis and treatment. The company said the partnership will combine its drug discovery and development capabilities with Novartis’ experience in radioligand medicines.

Radioligand therapies are designed to deliver radioactive particles directly to cancer cells by using molecules that bind to specific targets. The approach aims to target tumors while limiting exposure to surrounding healthy tissue.

BoomRay said the agreement represents an important step for the company and could help accelerate development of the licensed program toward patients worldwide.

For Novartis, the deal adds another program to its growing radioligand therapy portfolio. The company has been investing in the development of radioligand medicines as part of its oncology research and development efforts.

The licensed asset is currently at the preclinical stage, meaning it has not yet been approved for use in patients. Its future development will depend on results from additional research and clinical studies, as well as regulatory reviews.

The agreement reflects continued interest in radioligand therapy as pharmaceutical companies explore new ways to develop targeted cancer treatments. By combining targeted molecules with radioactive payloads, RLTs are being investigated across a range of cancer types.

BFC Group acted as financial advisor to BoomRay for the transaction.