BoomRay, Novartis Sign Global License Deal for RLT Asset

Suzhou, China, September 22, 2026

BoomRay Expands Radioligand Therapy Innovation

BoomRay is a clinical-stage biotechnology company focused on radioligand therapies for precision oncology diagnostics and treatment. The company has developed integrated capabilities covering drug discovery, CMC, radiochemistry and clinical development, allowing it to progress radiopharmaceutical candidates from molecular design and radiolabeling toward clinical translation. Its proprietary RLT pipeline includes programs designed to address cancers where targeted delivery of radioactive payloads could provide a therapeutic approach. BoomRay says its development strategy is focused on discovering radiopharmaceutical candidates with potential first-in-class or best-in-class characteristics. The new Novartis agreement centers on an undisclosed preclinical RLT asset, meaning the program remains at an early stage of development and has not yet established clinical safety or efficacy in patients. Radioligand therapies are designed to use a targeting molecule to deliver a radioactive isotope to cancer cells or tumor-associated targets. Once the radioligand reaches its intended target, the radioactive component can deliver localized radiation that may damage cancer cells. This approach has become an increasingly important area of pharmaceutical research, particularly in precision oncology and targeted cancer treatment.

Novartis Strengthens Its RLT Oncology Portfolio

For Novartis, the agreement adds another externally sourced program to its expanding radioligand therapy portfolio. The company said the collaboration complements its strategy of combining external innovation with its internal research and development capabilities. Novartis’ oncology organization is continuing to explore radioligand approaches as a way to develop targeted therapies for patients with cancer. The agreement with BoomRay provides access to an additional preclinical program while allowing the two companies to combine specialized discovery capabilities with Novartis’ broader development infrastructure.

BoomRay’s broader pipeline demonstrates the company’s focus on developing targeted radiopharmaceutical technologies. Its programs include BRP-020, a peptide-based RLT targeting Nectin-4, and BRP-010, a FAP-targeted radiotheranostic program using the company’s covalent targeted radioligand technology. Earlier in 2026, BoomRay announced that research involving these programs had been selected for presentation at the AACR 2026 Annual Meeting, highlighting the company’s ongoing work in targeted radiopharmaceutical research.

Up to $900 Million in Potential Milestones

The financial structure of the agreement links BoomRay’s potential returns to the development, regulatory and commercial progress of the licensed asset. The company is eligible for up to $900 million in upfront and milestone payments, in addition to potential royalties on future worldwide net sales. The exact amount of the upfront payment and the specific asset were not disclosed in the announcement. BFC Group acted as financial adviser to BoomRay in connection with the transaction. The agreement represents another example of pharmaceutical companies partnering with biotechnology companies to access emerging radiopharmaceutical technologies and early-stage oncology assets. For BoomRay, the collaboration provides an opportunity to leverage Novartis’ global development capabilities as the program progresses. For Novartis, the transaction expands access to external innovation in an increasingly important therapeutic field. Further development will be required to determine the clinical potential of the undisclosed RLT asset, but the agreement establishes a significant framework for advancing the program toward future development milestones.

Source: BoomRay Pharmaceuticals, Novartis press release