Royalty Pharma Acquires Royalty Interest in Amgen's Imdelltra for Up to $950 Million

Royalty Pharma has acquired a royalty interest in Amgen's Imdelltra, a first-in-class immunotherapy for ES-SCLC, for $885 million upfront. The deal includes an option for BeOne Medicines to sell additional Imdelltra royalties to Royalty Pharma for up to $65 million within the next 12 months. Imdelltra sales reached $215 million in H1 2025 and are projected to exceed $2.8 billion by 2035.

Title: Royalty Pharma Acquires Royalty Interest in Amgen's Imdelltra for $885 Million Upfront

Royalty Pharma (NASDAQ: RPRX) has announced the acquisition of a royalty interest in Amgen's Imdelltra from BeOne Medicines for $885 million upfront, with an additional $65 million option available to BeOne within 12 months. The deal involves approximately 7% royalty on worldwide net sales of Imdelltra, extending through 2038-2041. Imdelltra, a first-in-class DLL3 targeting bispecific T-cell engager (BiTE), received FDA accelerated approval in May 2024 for treating extensive-stage small cell lung cancer. The drug achieved $215 million in sales during H1 2025 and is projected to reach $2.8 billion by 2035.

The acquisition represents a strategic investment in a promising oncology asset. Imdelltra targets DLL3 with BiTE technology for extensive-stage small cell lung cancer (ES-SCLC), an aggressive cancer with limited treatment options. The drug received FDA accelerated approval in May 2024 for patients who progressed after platinum-based chemotherapy. The therapeutic addresses a significant market with approximately 360,000 patients worldwide annually and poor survival rates of just 7% at five years. The financials reveal strong early commercial traction with Imdelltra generating $215 million in H1 2025 sales. Analyst projections estimate peak sales exceeding $2.8 billion by 2035.

The agreement includes royalty sharing with BeOne on annual net sales above $1.5 billion, while BeOne retains China commercial rights. Royalty Pharma's $950M acquisition of Imdelltra royalties strengthens portfolio with promising cancer therapy projected to hit $2.8B by 2035. Royalty Pharma's $950 million acquisition of BeOne Medicines' royalty interest in Amgen's Imdelltra represents a strategic investment in a promising oncology asset. The deal structure includes $885 million upfront with BeOne retaining a $65 million option to sell additional royalty portions within 12 months. Imdelltra targets DLL3 with BiTE technology for extensive-stage small cell lung cancer (ES-SCLC), an aggressive cancer with limited treatment options. The drug received FDA accelerated approval in May 2024 for patients who progressed after platinum-based chemotherapy. The therapeutic addresses a significant market with approximately 360,000 patients worldwide annually and poor survival rates of just 7% at five years. The financials reveal strong early commercial traction with Imdelltra generating $215 million in H1 2025 sales. Analyst projections estimate peak sales exceeding $2.8 billion by 2035.

The acquisition covers approximately 7% of worldwide net sales, including royalty sharing on annual sales above $1.5 billion. The royalty duration extends through 2038-2041, providing long-term revenue potential. For BeOne, this transaction strengthens their balance sheet while retaining China commercial rights to Imdelltra. For Royalty Pharma, this acquisition aligns with their strategy of acquiring royalties on transformative life sciences products, enhancing long-term growth and portfolio diversification. The transaction demonstrates Royalty Pharma's confidence in Imdelltra's future potential, particularly with ongoing Phase 3 studies in front-line SCLC that could expand its market opportunity.

Imdelltra's breakthrough DLL3-targeting therapy for aggressive small cell lung cancer represents significant advancement with strong commercial potential. Imdelltra's significance stems from its novel mechanism as a first-in-class DLL3-targeting bispecific T-cell engager (BiTE) immunotherapy. This approach represents a breakthrough for extensive-stage small cell lung cancer, a notoriously aggressive malignancy with historically poor treatment outcomes. The clinical impact is substantial given SCLC's grim statistics - 360,000 patients diagnosed globally each year with median overall survival of approximately 12 months after initial therapy and dismal five-year survival rates of just 7% for patients with invasive disease. The May 2024 accelerated FDA approval specifically addresses patients who have progressed on or after platinum-based chemotherapy, providing a critical new option in the second-line setting where options have been extremely limited.

The ongoing Phase 3 studies investigating Imdelltra in front-line SCLC treatment could dramatically expand its clinical utility. Moving from second-line to first-line therapy would significantly increase the eligible patient population and potentially improve outcomes by introducing this targeted immunotherapy earlier in the treatment paradigm. The strong early sales trajectory ($215 million in H1 2025) demonstrates both physician adoption and patient demand. The projected peak sales of $2.8 billion by 2035 reflect analyst confidence in Imdelltra's differentiated mechanism and efficacy profile. The substantial royalty duration through 2038-2041 suggests robust patent protection, giving the therapy a long runway before generic competition emerges.

NEW YORK, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it has acquired a royalty interest in Amgen’s Imdelltra, a first-in-class DLL3 targeting bispecific T-cell engager (BiTE), from BeOne Medicines for $885 million upfront. The agreement includes an option for BeOne to sell additional Imdelltra royalties to Royalty Pharma for up to $65 million within the next 12 months.

“Royalty Pharma's acquisition of Imdelltra represents a significant strategic move in the oncology space. The drug's promising early sales trajectory and projected peak sales of $2.8 billion by 2035 underscore its potential to be a major revenue driver for the company,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer.

Imdelltra received accelerated approval from the U.S. Food and Drug Administration in May 2024 for the treatment of extensive-stage small cell lung cancer (ES-SCLC) in patients who have progressed on or after receiving platinum-based chemotherapy. Small cell lung cancer affects approximately 360,000 patients worldwide each year and has a poor prognosis with overall survival of approximately 12 months following initial therapy and a five-year survival rate of 7% for patients with invasive disease. Amgen is currently enrolling Phase 3 studies for Imdelltra in front-line small cell lung cancer. Imdelltra sales reached $215 million in the first half of 2025 and are projected to exceed $2.8 billion by 2035 based on analyst consensus.

Transaction Terms: For up to $950 million, Royalty Pharma will acquire BeOne’s approximately 7% royalty on worldwide net sales of Imdelltra, which includes royalty sharing with BeOne on annual net sales above $1.5 billion. Royalty Pharma will pay $885 million upfront and BeOne will retain the option to sell an additional portion of its royalty to Royalty Pharma for up to $65 million within the next 12 months. The royalty duration for Imdelltra is expected to extend through 2038-2041. BeOne will retain China commercial rights to Imdelltra.

References
[1] https://www.stocktitan.net/news/RPRX/royalty-pharma-to-acquire-royalty-interest-in-amgen-s-imdelltra-for-od9vgi1o0jv1.html