Boston Scientific Strategically Invests in NewRaytec to Advance Localization of Radiotherapeutic Production

On March 5, 2021, VCBeat (WeChat ID: vcbeat) learned that Boston Scientific (NYSE: BSX), a global leader in innovative medical technology, had signed a cooperation agreement with Chengdu Neuray Medical Technology Co., Ltd. (hereinafter referred to as “Neuray”) on equity investment, technology transfer, and localized production, establishing a comprehensive strategic partnership. This marks the first time Boston Scientific has collaborated with a local Chinese enterprise for technology transfer and localized production, representing a significant milestone in accelerating its localization process and deepening its strategic layout in Western China.

Through this collaboration, Boston Scientific will transfer its *TheraSphere Y90 glass microsphere technology for internal radiation therapy of liver cancer to Newreat, accelerating the introduction and localized production of this globally leading medical product to benefit a broad population of liver cancer patients in China. Meanwhile, Boston Scientific will support the development of Newreat’s innovative products and secure rights for domestic and international market promotion. Furthermore, Boston Scientific has made a strategic investment in Chengdu Newreat, becoming one of its significant shareholders.

“Boston Scientific–Chengdu Neuray Medical Strategic Investment and Localized Production Project” Signing Ceremony

“As we stand at the outset of the 14th Five-Year Plan, Boston Scientific has reached a significant milestone in local manufacturing, fully ushering in a new chapter of deepening its presence in Western China and strengthening its local roots,” said Ms. Zhang Jun, President of Boston Scientific’s Greater China region. ““Looking ahead, we aim to deepen collaboration with more local partners, working hand in hand to accelerate the integration of Chinese patients and healthcare providers with international medical innovations. This will make high-quality medical resources more accessible and timely, contributing to the realization of the ‘Healthy China’ vision and upholding Boston Scientific’s unwavering commitment to ‘Innovating for Life.’”

Liver cancer is particularly prevalent in China, posing a severe threat to people's lives and health. Data shows that liver cancer is the fourth most common malignant tumor in terms of incidence and the second leading cause of cancer-related mortality in China (Analysis of the Epidemiology of Malignant Tumors in China, 2015). Although China accounts for only 18.4% of the global population, it records 466,000 new cases and 422,000 deaths from liver cancer annually, representing 55.4% and 53.9% of the global totals, respectively (data sourced from the Chinese Society of Clinical Oncology [CSCO] Guidelines for the Diagnosis and Treatment of Primary Liver Cancer, 2020).Moreover, most liver cancer patients are already at an intermediate or advanced stage at the time of diagnosis, with relatively limited treatment options.

In the face of this major public health challenge, Boston Scientific offers a full-cycle minimally invasive solution for liver cancer, including local ablation therapy for early-stage liver cancer, transarterial chemoembolization (TACE) for intermediate-stage liver cancer, and internal radiation therapy for advanced-stage liver cancer. In the future, it will achieve local production of the world’s first radioactive glass microspheres—Boston Scientific’s TheraSphere Y90 Paves the Way for Innovative “Internal Radiation Therapy” in Patients with Advanced Liver Cancer

Brachytherapy integrates conventional radiotherapy with transvascular interventional therapy. By implanting radioactive seeds directly into tumors, it delivers continuous low-dose radiation to destroy tumor cells. Due to the limited range of radiation, this approach effectively minimizes damage to normal hepatocytes and other organs, thereby offering Chinese liver cancer patients more diverse treatment options and contributing innovative solutions to precision medicine and multidisciplinary management of liver cancer.

TheraSphere Y90 has been marketed overseas for over two decades. This strategic partnership will accelerate the product’s launch in China. Furthermore, given the half-life of radiopharmaceuticals and the stringent safety requirements for transportation, localized production can reduce manufacturing costs and provide Chinese patients with more accessible treatment solutions.

To enable Chinese patients to share in global innovations, Boston Scientific will work closely with Nurtate to leverage their respective strengths and accelerate the localized production of TheraSphere Y90 glass microspheres. This collaboration aims to provide “tailored treatments” based on the needs of local patients, offering personalized radiation dosing to empower precision therapy for advanced liver cancer and support the goal of improving cancer survival rates as outlined in the Healthy China Action (2019–2030).

Cai Jiming, General Manager of Chengdu Newray Medical Technology Co., Ltd., stated, “On the journey to conquer liver cancer, we are delighted to join hands with Boston Scientific to benefit a vast number of patients through innovative products that earn the trust of both patients and physicians. Looking ahead, while facilitating the local production and implementation of TheraSphere Y90 glass microspheres in Chengdu, we will continue to deepen our collaboration. Our goal is to bring more high-quality innovative products to prominence both domestically and internationally, leveraging China’s independent innovation capabilities to serve patients and healthcare providers worldwide, jointly driving industry progress and generating greater social benefits.”

NewRay, which recently received investment from Boston Scientific, was founded in 2016 by a group of scientists from China’s nuclear industry system, including Researcher Qian Jihui, former Dean of the Nuclear Power Institute of China and former Deputy Director General of the International Atomic Energy Agency; Researcher Li Maoliang, former Director of the Chengdu Institute of Isotope Applications under the Nuclear Power Institute of China; and Researcher Cai Jiming, former Vice President of the Sichuan Academy of Atomic Energy. The company is primarily engaged in the research and development, manufacturing, and sales of diagnostic and therapeutic medical isotopes; provides innovative technical services and scientific consulting for radiopharmaceuticals; and conducts foreign trade and technical cooperation in the field of radiopharmaceuticals.

The average age of Neuray’s founding team is close to 70. China has long lagged behind foreign countries in the research, development, and industrialization of radiopharmaceuticals. Neuray’s “Silver-Haired Maker Team” aims to leverage nuclear technology for cancer treatment.

Reportedly, the partnership between Neuratech and Boston Scientific was facilitated by BTG, a UK-based interventional medicine company acquired by Boston Scientific for $4.9 billion in 2019; BTG had previously participated in Neuratech Medical’s Series B financing round in 2019.

Boston Scientific has selected Newreat as its partner for localized production, recognizing Newreat as an integrated enterprise specializing in the research and development, innovation, and industrialization of radiopharmaceuticals. In terms of R&D, Newreat boasts a robust research team and sustained innovative capabilities. Its first product is Iodine-131 carbon microspheres, while other series of microsphere products and radioactive specific diagnostic agents are currently under development. Despite being established only five years ago, Newreat expects to have two Class 1 new drugs enter clinical registration this year. Regarding industrialization, leveraging Chengdu’s status as a hub for nuclear science development, Newreat possesses leading technical capabilities and a comprehensive quality control system.

Looking ahead, the collaboration between Boston Scientific and NuRay will extend beyond equity investment, technology transfer, and localized production, embodying the “In China, For Global” strategy. Leveraging Boston Scientific’s robust industrial capabilities and extensive global sales network, the partnership aims to deliver more innovative radiopharmaceuticals to patients worldwide.

As an “insider” in the Chinese domestic market, Boston Scientific has actively responded to the policy call for the “Great Western Development” strategy. Through its strategic layout of “one headquarters and three centers” (the Western Logistics Center, Innovation Center, and Production & R&D Center), the company supports Chengdu in building a modern highland for the pharmaceutical and health industries and establishing a hub for development and openness under the “Belt and Road” Initiative. Leveraging Chengdu’s radiating and driving influence, Boston Scientific is strengthening the construction of a medical innovation ecosystem in western China and promoting the delivery of high-quality healthcare solutions to grassroots patients in the region.

In October 2019, Boston Scientific signed an investment cooperation agreement with the Chengdu Municipal Government to establish its “Second China Headquarters.” Since then, Boston Scientific’s westward expansion strategy has been vigorously advanced. In September 2020, Boston Scientific’s “Second China Headquarters” officially commenced operations in Chengdu; a western regional logistics center was launched to promote the decentralization of high-quality medical resources by building a diversified supply chain system; and the “West China–Boston Scientific Joint Innovation Center” was established to accelerate the translation of innovative medical achievements and foster the integrated development of industry, academia, research, and clinical practice. This strategic partnership with Neureal represents a significant step in Boston Scientific’s establishment of a western production and R&D center, as well as another innovative exploration of localized collaboration models.

Chengdu Municipal Government Leaders Meet with Representatives from Boston Scientific and Neuracle

Following the signing ceremony, Cao Junjie, Deputy Mayor of Chengdu, met with corporate representatives from Boston Scientific and Neuracle. Ms. Zhang Jun, President of Greater China at Boston Scientific, stated, “In recent years, Chengdu has continuously optimized its business environment, prioritized the development of corporate innovation capabilities, and steadily improved its public health system. These efforts have greatly encouraged companies including Boston Scientific, bolstering our confidence in further penetrating the western China market and increasing investment in collaborative innovation within the local healthcare sector. We also look forward to China’s accelerated formation of a new development paradigm characterized by the mutually reinforcing ‘dual circulation’ strategy.”