Novartis has entered into an exclusive global license agreement with BoomRay Pharmaceuticals for an undisclosed preclinical radioligand therapy asset, with total potential payments to BoomRay reaching up to $900 million.
Announced on September 22, 2026, this radioligand license deal brings together BoomRay’s discovery and development capabilities and Novartis’s established global expertise in the radioligand therapy space. Both companies have stated a shared commitment to delivering meaningful therapeutic benefit to patients around the world.
A Closer Look at the Agreement
Under the terms of the global license agreement, BoomRay is eligible to receive an upfront payment, along with additional development, regulatory, and sales milestone payments, collectively amounting to up to $900 million. BoomRay will also earn royalties on future global net sales, giving the company a sustained financial interest in the long-term commercial success of the asset.
The Novartis and BoomRay agreement grants Novartis exclusive worldwide rights to the preclinical RLT asset. The specific target, indication, and molecular construct have not been publicly disclosed, which is consistent with common practice in early-stage oncology licensing, where strategic alignment and platform strength often take precedence over full mechanistic transparency at the time of deal signing.
What Radioligand Therapy Involves
Radioligand therapies work by combining targeting molecules with radioactive isotopes to deliver radiation directly to cancer cells. This precision-driven approach has made radioligand therapy one of the most competitive and actively developed modalities in oncology today. Companies with established manufacturing, clinical, and commercial infrastructure in this space are actively expanding their pipelines through external partnerships and in-licensing.
Novartis has already built a substantial presence in radioligand therapies. The company previously broke ground on a new RLT manufacturing facility in Denton, Texas, with construction now underway across all new US facilities, further reinforcing its commitment to scaling within this modality.
Leadership Statements on the Partnership
BoomRay’s Chief Executive Officer, Bo Shan, expressed strong confidence in the partnership: “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. 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 framed the deal as part of a consistent strategy of supplementing internal research with outside innovation. Shiva Malek, Global Head of Oncology, Biomedical Research at Novartis, stated:
“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.”
Malek added “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.”
Next Steps for the Program
With the global license agreement now in place, Novartis assumes responsibility for advancing the preclinical asset toward clinical development. The company is expected to leverage its integrated RLT platform and expanding US manufacturing capabilities to move the program forward through IND-enabling studies and into clinical development.
This Novartis and BoomRay oncology licensing transaction is another example of the increasing pace at which leading pharmaceutical companies are securing early-stage assets in radioligand therapy, recognizing the strategic importance of pipeline depth in this rapidly advancing oncology modality. The radioligand license deal reinforces Novartis’s ongoing commitment to expanding its RLT portfolio through both internal research and external collaboration.
