- Imdelltra is a first-in-class immunotherapy for the treatment of extensive-stage small cell lung cancer (ES-SCLC) marketed by Amgen
- Royalty Pharma to pay $885 million upfront; BeOne Medicines to retain a $65 million option to sell additional portion of its royalty
NEW YORK, NY, August 25, 2025 – 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.
“We are excited to acquire this royalty stream from BeOne Medicines, a global oncology company advancing innovative treatments,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “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. Imdelltra is expected to further enhance Royalty Pharma’s long-term growth and portfolio diversification, and we remain incredibly excited given our robust transaction pipeline.”
“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. “We are pleased to reach this agreement with Royalty Pharma, a recognized leader in funding life sciences innovation. Today’s transaction enhances our financial position and provides us with increased operational and strategic flexibility to continue executing with purpose as we advance our mission to deliver multiple transformative medicines to more patients worldwide.”
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.
Advisors
Gibson Dunn & Crutcher, Dechert and Maiwald acted as legal advisors to Royalty Pharma.
