BeOne Medicines Sells Cancer Drug Royalty Rights to Royalty Pharma for Up to $950 Million

BeOne Medicines sold its royalty rights on cancer drug Imdelltra to Royalty Pharma for up to $950 million. The upfront payment is $885 million, with an option to sell remaining royalties for up to $65 million. BeOne retains royalty rights to other assets under its partnership with Amgen.

BeOne Medicines Ltd. (Nasdaq: ONC; HKEX: 06160; SSE: 688235) has entered into an agreement to sell its royalty rights on the worldwide sales, excluding China, of Amgen’s Imdelltra® (tarlatamab-dlle) for up to $950 million to Royalty Pharma (Nasdaq: RPRX). The agreement includes an upfront payment of $885 million, with an option to sell remaining royalties within 12 months for up to $65 million. BeOne will retain royalty rights to other assets under its existing collaboration with Amgen, including xaluritamig, a first-in-class STEAP1 x CD3 XmAb currently being studied in patients with metastatic castration-resistant prostate cancer (mCRPC).

Imdelltra is a first-in-class immunotherapy that binds to both DLL3 on tumor cells and CD3 on T cells, activating T cells to kill DLL3-expressing cells. It is approved in the United States for the treatment of extensive-stage small cell lung cancer (ES-SCLC) in patients who have progressed on or after receiving platinum-based chemotherapy. The drug has shown promise in multiple clinical studies, including DeLLphi-303, a Phase 1b study evaluating tarlatamab in combination with standard of care therapies in first-line ES-SCLC, and DeLLphi-304, a randomized Phase 3 trial comparing tarlatamab monotherapy with standard of care chemotherapy in second-line treatment of ES-SCLC.

This transaction is expected to provide BeOne with increased operational and strategic flexibility, while preserving its long-term participation in the potential of Imdelltra. The upfront payment of $885 million will significantly bolster BeOne’s financial position, allowing the company to focus on its ongoing drug development efforts and other strategic initiatives.

John V. Oyler, Co-Founder, Chairman, and CEO of BeOne, commented, "Today’s announcement is testament to the value of our long-term collaboration with Amgen, the developer of Imdelltra. This transaction meaningfully accelerates value realization for BeOne while preserving our continued participation in the long-term potential of Imdelltra."

Aaron Rosenberg, Chief Financial Officer of BeOne, added, "A strong balance sheet is a hallmark of the most successful companies in our industry, and this transaction provides increased operational and strategic flexibility as we continue to execute our business strategy for the long term."

References:
[1] https://www.businesswire.com/news/home/20250825210828/en/BeOne-Medicines-Announces-IMDELLTRA-Royalty-Purchase-Agreement-for-up-to-%24950-Million
[2] https://www.nasdaq.com/articles/royalty-pharma-acquires-royalty-interest-imdelltra-beone
[3] https://www.marketscreener.com/news/beone-medicines-announces-imdelltra-royalty-purchase-agreement-for-up-to-950-million-ce7c50dbd081f627