BeOne Medicines Cashes In on Amgen Cancer Drug Royalties in $950mln Pharma Tie-Up

BeOne Medicines has agreed to sell its royalty rights on Amgen's cancer drug Imdelltra for up to $950 million to Royalty Pharma. The upfront payment is $885 million, with the option to sell remaining royalties for up to $65 million. BeOne will share in a portion of the royalty on annual sales above $1.5 billion and maintain rights to other assets under the existing collaboration with Amgen. Imdelltra is a first-in-class immunotherapy approved in the US for patients with extensive-stage small cell lung cancer.

BeOne Medicines Ltd. has agreed to sell its royalty rights on Amgen's cancer drug Imdelltra for up to $950 million to Royalty Pharma. The upfront payment is $885 million, with the option to sell remaining royalties for up to $65 million [1]. BeOne will share in a portion of the royalty on annual sales above $1.5 billion and maintain rights to other assets under the existing collaboration with Amgen [2].

Imdelltra, a first-in-class immunotherapy, is approved in the US for patients with extensive-stage small cell lung cancer (ES-SCLC) [3]. The drug received accelerated approval from the FDA in May 2024 and is currently enrolling Phase 3 studies for front-line small cell lung cancer [1].

This transaction provides BeOne with immediate cash to advance its internal pipeline while reducing risks from potential Imdelltra competition. "By monetizing a significant portion of our royalty interest in Imdelltra, we are able to strengthen our balance sheet and unlock substantial value," said John V. Oyler, Co-Founder, Chairman, and CEO of BeOne [2].

The deal also reflects the growing interest in DLL3-targeting therapies, with several large companies exploring the space. Imdelltra's sales reached $215 million in the first half of 2025, and analysts' consensus currently pegs the drug could reach $2.8 billion in sales by 2035 [3].

References:
[1] https://www.nasdaq.com/articles/royalty-pharma-acquires-royalty-interest-imdelltra-beone
[2] https://www.marketscreener.com/news/beone-medicines-announces-imdelltra-royalty-purchase-agreement-for-up-to-950-million-ce7c50dbd081f627
[3] https://www.fiercepharma.com/pharma/beone-bags-885m-royalty-deal-amgen-lung-cancer-drug-imdelltra