Royalty Pharma Buys $885M Imdelltra Royalty Stake from BeOne

Royalty Pharma will pay $885 million upfront to acquire BeOne Medicines' approximately 7% royalty interest in worldwide net sales (excluding China) for Amgen’s Imdelltra, a first-in-class DLL3-targeting bispecific for extensive-stage small cell lung cancer1235.

BeOne holds Imdelltra royalty rights from a 2019 $2.7 billion collaboration with Amgen1.

BeOne has the option to sell an additional portion of its Imdelltra royalty interest to Royalty Pharma for $65 million over the next 12 months, bringing the potential deal total up to $950 million1235.

Imdelltra launched in 2024 for SCLC and earned $215 million in sales in the first half of 2025, most from the U.S.14.

Amgen recently reported clinical data showing Imdelltra extends survival versus chemotherapy, bolstering its market position14.

BeOne retains some rights:
future royalty shares on annual sales above $1.5 billion, and rights for Imdelltra in China, where further clinical trials continue45.

Imdelltra received accelerated FDA approval (May 2024); ongoing trials may lead to expanded indications4.

Sources:

1. https://www.biopharmadive.com/news/royalty-beone-imdelltra-rights-drug-sales/758501/

2. https://www.globenewswire.com/news-release/2025/08/25/3138299/0/en/Royalty-Pharma-to-Acquire-Royalty-Interest-in-Amgen-s-Imdelltra-for-up-to-950-Million.html

3. https://www.royaltypharma.com/news/royalty-pharma-to-acquire-royalty-interest-in-amgens-imdelltra-for-up-to-950-million/

4. https://www.oncologypipeline.com/apexonco/beone-cashes-its-imdelltra-royalty

5. https://www.businesswire.com/news/home/20250825210828/en/BeOne-Medicines-Announces-IMDELLTRA-Royalty-Purchase-Agreement-for-up-to-$950-Million