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BeOne Medicines has agreed to sell its royalty rights on Amgen's cancer drug Imdelltra for up to $950 million to Royalty Pharma. The deal includes an upfront payment of $885 million and an option to sell remaining royalties for up to $65 million. BeOne will retain royalty and other rights to other assets under its collaboration with Amgen. Imdelltra is approved for patients with extensive-stage small cell lung cancer who have progressed on or after platinum-based chemotherapy.

Royalty Pharma plc (Nasdaq: RPRX) has announced the acquisition of a royalty interest in Amgen’s Imdelltra, a first-in-class DLL3 targeting bispecific T-cell engager (BiTE) for the treatment of extensive-stage small cell lung cancer (ES-SCLC). The deal, announced on August 25, 2025, involves an upfront payment of $885 million, with an option for BeOne Medicines to sell additional Imdelltra royalties to Royalty Pharma for up to $65 million within the next 12 months [1].

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 [2].

For up to $950 million, Royalty Pharma will acquire BeOne’s approximately 7% royalty on worldwide net sales of Imdelltra. The royalty duration for Imdelltra is expected to extend through 2038-2041. BeOne will retain China commercial rights to Imdelltra. 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 [1].

The acquisition aligns with Royalty Pharma’s strategy of investing in highly transformative products in life sciences. Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer, stated, “Imdelltra is reshaping the treatment paradigm for patients with small cell lung cancer, a highly aggressive disease with few treatment options. Today’s transaction is consistent with our strategy of acquiring royalties on highly transformative products in life sciences” [1].

BeOne Medicines, formerly known as BeiGene, gained the Imdelltra rights through a broad-ranging strategic collaboration with Amgen in 2019. The collaboration includes commercialization of Amgen’s oncology products in China and a global clinical development alliance. The royalties represent a significant portion of tiered mid-single digit payments based on Imdelltra’s annual sales above $1.5 billion [2].

Imdelltra’s sales reached $215 million in the first half of 2025 and are projected to exceed $2.8 billion by 2035 based on analyst consensus. The drug’s profile, including its side effects, still leaves room for improvement, but its market potential is significant. Analysts currently peg the drug could reach $2.8 billion in sales by 2035 [2].

The deal provides BeOne with immediate cash to advance its internal pipeline while reducing risks from potential Imdelltra competition. John V. Oyler, Co-Founder, Chairman, and CEO of BeOne, stated, “By monetizing a significant portion of our royalty interest in Imdelltra, we are able to strengthen our balance sheet and unlock substantial value” [1].

References:
[1] https://www.royaltypharma.com/news/royalty-pharma-to-acquire-royalty-interest-in-amgens-imdelltra-for-up-to-950-million/
[2] https://www.fiercepharma.com/pharma/beone-bags-885m-royalty-deal-amgen-lung-cancer-drug-imdelltra