Novartis is the current radiopharma leader with two FDA-approved therapies in Pluvicto and Lutathera.
Novartis has exclusively licensed a preclinical radioligand therapy from Suzhou-based BoomRay Pharmaceuticals in a deal that could reach up to $900 million.
The deal value potential encompasses an undisclosed upfront payment from Novartis, as well as possible development, regulatory and sales milestone payments BoomRay could receive, according to a Tuesday news release. The Chinese biotech is also eligible to receive royalties on future net sales.
Novartis declined to disclose specifics about the newly licensed asset’s indication or targets, but said in an email to BioSpace that BoomRay’s preclinical candidate “aligns with our strategy to expand and strengthen our radioligand therapy portfolio with high-potential, complementary programs.”
Novartis has consistently led in the radiopharma space, with two FDA-approved therapies: Lutathera, approved for gastroenteropancreatic neuroendocrine tumors, and Pluvicto, indicated for prostate cancer. The products made $816 million and nearly $2 billion in revenues last year, respectively.
The pharma is also working on an investigational next-gen Actinium-225-based therapy for metastatic castration-resistant prostate cancer (mCRPC), currently in Phase 3 development with an FDA submission planned for 2028.
Earlier this year, Novartis’ investigational radiopharma pipeline was hit by a setback when the pharma discontinued a mid-stage asset based on Lutetium-177 as “early clinical data did not support advancing it to the next stage of development,” a spokesperson told BioSpace at the time.
As for Novartis’ new partner BoomRay, the China company takes an integrated approach to diagnosis and treatment, using its radio-coupled assets to identify patients most likely to benefit from intervention and then delivering tumor-targeting radioligand therapies (RLT), according to an English translation of the biotech’s website.
Novartis’ deal with BoomRay prefaces what intelligence platform Sleuth predicted to be an increase in radioligand licensing deals between Western and Chinese companies in 2027. This projected growth reflects the rise of Western companies that have established their own supply chains that can support radioligand therapies licensed from China. These assets are radioactive, meaning they have specific handling and regulatory requirements and must reach patients before the isotope decays.
“The value of China’s pipeline accrues to whoever in the West owns the RLT infrastructure,” Sleuth noted.
Elsewhere in the radiopharma space, Telix earlier this week acquired ITM Isotope Technologies Munich for $1.65 billion up front—plus up to $700 million in milestones—in what William Blair called a “supercritical” deal since it bolsters the Australian developer’s manufacturing capabilities. ITM’s radiopharma asset was rejected last month over manufacturing problems.
