Novartis Licenses Preclinical Radioligand Therapy from Suzhou-Based BoomRay in Deal Worth Up to $900 Million
BoomRay Pharmaceuticals, a radioligand developer based in Suzhou, China, said on September 22, 2026 that Novartis took an exclusive worldwide license to an undisclosed preclinical radioligand therapy asset. BoomRay can receive up to $900 million, including an upfront payment and development, regulatory, and sales milestones, plus royalties on net sales; the upfront amount, target, isotope, and indication were not disclosed. Novartis global oncology head Shiva Malek said the asset complements the company's radioligand portfolio, which includes the peptide-based Lutathera and the PSMA-targeted Pluvicto. The license was announced one day after the Telix–ITM merger.