Royalty Pharma Acquires Imdelltra Royalty Interest from BeOne Medicines for $885M

Royalty Pharma has acquired a royalty interest in Amgen's Imdelltra for $885M upfront. The agreement includes an option for BeOne Medicines to sell additional Imdelltra royalties to Royalty Pharma for up to $65M within the next 12 months. Royalty Pharma will acquire BeOne's approximately 7% royalty on worldwide net sales of Imdelltra for up to $950M, with a royalty duration extending through 2038-2041. BeOne will retain China commercial rights to Imdelltra.

Royalty Pharma has secured a significant stake in the revenue stream of Amgen's lung cancer drug Imdelltra, with an upfront payment of $885 million to BeOne Medicines. The agreement, announced on July 2, 2025, includes an option for BeOne to sell additional royalties to Royalty Pharma for up to $65 million within the next 12 months. The total value of the deal could reach up to $950 million, with Royalty Pharma acquiring approximately 7% of Imdelltra's worldwide net sales, excluding China, over a period extending through 2038-2041 [1].

The deal is part of Royalty Pharma's strategy to invest in highly transformative products in the life sciences sector. Imdelltra, a bispecific antibody, targets a protein called DLL-3, common among tumor cells in small cell lung cancer. The drug received accelerated approval from the FDA in May 2024 for the treatment of extensive-stage small cell lung cancer (ES-SCLC) and has shown promising sales, reaching $215 million in the first half of 2025. Analysts project Imdelltra could reach $2.8 billion in sales by 2035 [2].

BeOne Medicines, formerly known as BeiGene, gained the Imdelltra rights through a strategic collaboration with Amgen in 2019. The deal includes commercialization of Amgen's oncology products in China and a global clinical development alliance. Imdelltra's success has attracted significant attention, with several companies exploring DLL3-targeted therapies [3].

The acquisition is expected to enhance Royalty Pharma's long-term growth and portfolio diversification. BeOne, now domiciled in Switzerland, will strengthen its balance sheet and unlock substantial value, providing increased operational and strategic flexibility to continue its mission of delivering transformative medicines [4].

References:
[1] https://www.biopharmadive.com/news/royalty-beone-imdelltra-rights-drug-sales/758501/
[2] https://www.fiercepharma.com/pharma/beone-bags-885m-royalty-deal-amgen-lung-cancer-drug-imdelltra
[3] https://www.ainvest.com/news/royalty-pharma-acquires-imdelltra-royalty-rights-beone-medicines-950m-2508/
[4] https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-rprx/royalty-pharma/news/royalty-pharma-rprx-acquires-us885-million-royalty-interest