BoomRay Pharmaceuticals Co., Ltd., a China-based clinical-stage biotechnology company involved in innovative radioligand therapies (RLTs) for precision oncology diagnostics and therapeutics, announced on Tuesday that it has entered into an exclusive global license agreement with Novartis Pharma AG for an undisclosed preclinical RLT asset.

BoomRay says that the agreement brings together its discovery and development capabilities with Novartis's global expertise in the RLT space, to pursue the goal of delivering meaningful therapeutic benefit to patients worldwide. Under the terms of the agreement, BoomRay will be eligible to receive up to USD900m, including an upfront payment as well as development, regulatory, and sales milestone payments. In addition, royalties may be earned on future global net sales.

'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,' said Bo Shan, BoomRay chief executive officer.

'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,' said Shiva Malek, Novartis global head of Oncology, Biomedical Research. '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.'