Royalty Pharma plc announced on August 25, 2025, the acquisition of a royalty interest in Amgen’s Imdelltra from BeOne Medicines for an upfront payment of $885 million. 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, bringing the total potential value to $950 million.
Imdelltra is a first-in-class DLL3 targeting bispecific T-cell engager (BiTE) that received accelerated approval from the U.S. Food and Drug Administration in May 2024 for extensive-stage small cell lung cancer (ES-SCLC). This disease affects approximately 360,000 patients worldwide annually and has limited treatment options.
Royalty Pharma will acquire BeOne’s approximately 7% royalty on worldwide net sales of Imdelltra, with royalty sharing on annual net sales above $1.5 billion. Imdelltra sales reached $215 million in the first half of 2025 and are projected to exceed $2.8 billion by 2035, with a royalty duration expected through 2038-2041. This acquisition is consistent with Royalty Pharma's strategy of acquiring royalties on transformative products and is expected to enhance long-term growth and portfolio diversification.
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