The partnership combines BoomRay’s internal discovery capabilities with the established infrastructure of Novartis in the radioligand space. Under the arrangement, the Chinese biotech firm becomes eligible for an upfront payment alongside tiered development, regulatory, and sales milestones. Both companies emphasized that the collaboration aims to accelerate the clinical translation of the asset, which is designed to address unmet needs in cancer treatment.

Bo Shan, Chief Executive Officer of BoomRay, described the deal as a validation of the company's research-focused approach to radiochemistry and oncology. Shiva Malek, Global Head of Oncology at Novartis, noted that the acquisition complements the firm's existing portfolio, reinforcing a strategy of integrating external innovation to bolster its research efforts. BFC Group served as the financial advisor for the transaction.