By the numbers: BoomRay will receive an undisclosed upfront payment and is eligible for development, regulatory and sales milestones, bringing the potential total to $900 million. The company could also receive royalties on future global sales.
- Few other details were disclosed, including the asset’s target, isotope or indication. BoomRay described the program only as a preclinical radioligand therapy.
The big picture: Radioligand therapies have become a major part of Novartis’ oncology strategy. The Swiss group entered the field through its $3.9 billion acquisition of Advanced Accelerator Applications in 2018, bringing in Lutathera, before paying $2.1 billion for Endocyte later that year and gaining the program that eventually became prostate cancer drug Pluvicto.
- Novartis has continued investing in the technology. In 2024, it agreed to buy Mariana Oncology for $1 billion upfront plus up to $750 million in milestones, adding a preclinical radioligand pipeline and research infrastructure. It is also developing next-generation approaches, including actinium-225-based therapies.
Why it matters: The BoomRay deal comes just one day after another major radiopharma transaction: Australia’s Telix Pharmaceuticals agreed to acquire Munich-based ITM for an initial $1.65 billion (€1.44 billion) paid mostly in Telix’s shares. That deal combines Telix’s commercial radiopharma business with ITM’s isotope manufacturing network and late-stage therapeutic pipeline.
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