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Doctors and drug developers who first saw scans from a new targeted form of radiotherapy were amazed. For some patients in the clinical trial, Novartis' radioligand therapy had - in just six months - completely cleared cancer that had spread around their bodies. Michael Morris, an oncologist at New York's Memorial Sloan Kettering Cancer Center, said it was "incredible" and "never seen before".

In 2021, chief executive Vas Narasimhan estimated the market could be worth about $10bn. Earlier this year, he told the Financial Times that if the therapy lives up to its promise, it could be a $25bn to $30bn market.

Yet other companies see the opportunities in the therapy and are racing to catch up. In 2023 and 2024, US drugmaker Lilly, UK pharmaceutical company AstraZeneca, and French company Sanofi all bought start-ups developing radioligand therapies.