Novartis (NYSE: NVS) has agreed to exclusively license a preclinical radioligand therapy (RLT) asset from Suzhou, China-based BoomRay Pharmaceuticals Co., Ltd, in a deal that could pay BoomRay up to USD 900 million in an upfront payment plus development, regulatory, and sales milestone payments, plus royalties on global net sales. The asset's identity and target have not been disclosed.
Under the agreement, Novartis receives exclusive worldwide rights, including China. The exact upfront payment is not separately disclosed; BoomRay confirmed one exists within the USD 900 million total. No equity component was mentioned. Development responsibility was not explicitly allocated in the announcement, and the press release does not indicate who will lead development.
The agreement follows a separate January 2026 deal in which Novartis licensed an undisclosed preclinical peptide-based RLT asset from China-based Zonsen PepLib Biotech for USD 50 million upfront, plus undisclosed development, regulatory, and sales milestones and tiered royalties. The two transactions give Novartis worldwide rights to separate early-stage RLT programs originating from Chinese biotechs within the space of nine months.