Biotechnology company Boomray Pharmaceuticals has entered into an exclusive global licence agreement with Novartis for a preclinical radioligand therapy, in a deal worth up to USD900 million.
Fangda Partners and Morrison Foerster provided legal advice on the transaction.
Boomray is a clinical-stage biotechnology company focused on developing novel radioconjugates for the precision diagnosis and treatment of cancer.
The collaboration would combine Boomray’s drug discovery and development capabilities with Novartis’ global expertise in radioligand therapies to advance the development of innovative treatments, a press release said.
Under the agreement, Boomray is eligible to receive total payments of up to USD900 million, including an upfront payment and development, regulatory and sales milestone payments. The company is also entitled to royalties on future global net sales.
Fangda advised Boomray with partners Huang Chao, Henry He and Bella Wang leading the team. Compliance partner Sherman Deng provided cross-border data compliance support.
Morrison Foerster advised Novartis.
Suzhou-headquartered Boomray was established in late 2018 as a joint venture between WuXi AppTec and the Sunan Institute for Molecular Engineering at Peking University.
