Boston – September 9, 2026 – Cooley advised Ratio Therapeutics (Ratio), a pharmaceutical company employing innovative technologies to develop best-in-class radiopharmaceuticals for cancer treatment, on its research collaboration and license agreement with RayzeBio, a clinical-stage radiopharmaceutical company with a mission to transform the lives of people with cancer, to advance a novel radiopharmaceutical program focused on two undisclosed targets.

Under the terms of the agreement, Ratio will receive an upfront payment and is eligible to receive development, regulatory and commercial milestone payments, as well as royalties on net sales. RayzeBio has an exclusive worldwide license to candidates and products developed under the program and, following completion of specified research, translational and candidate-assessment activities led by Ratio, will assume responsibility for further development, manufacturing and commercialization worldwide. 

Sarah Hogan and Lauren Leonard led the Cooley life sciences partnering team advising Ratio, with support from Aaron Pomeroy on tax matters and Natasha Leskovsek on regulatory matters.

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