Pharma BD Deal Intelligence

Novartis AG / BoomRay Pharmaceuticals

2026 · Licensing/Option · $900M · Complete

Novartis entered an exclusive global license agreement with Suzhou-based BoomRay Pharmaceuticals for an undisclosed preclinical radioligand therapy asset, gaining worldwide rights including China. BoomRay is eligible for up to US$900 million in total consideration comprising an undisclosed upfront payment plus development, regulatory and sales milestones, and royalties on future global net sales. The molecular target, radioisotope and intended indication were not disclosed, and no equity component was reported. The deal extends the Novartis position in radioligand therapy, a modality it has championed through Lutathera and Pluvicto.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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