Royalty Pharma to Acquire Royalty Interest in Amgen’s Imdelltra for up to $950 Million
Rhea-AI Summary
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 agreement includes royalty sharing with BeOne on annual net sales above $1.5 billion, while BeOne retains China commercial rights.
Positive
- Acquisition of royalty rights for FDA-approved cancer therapy with $215M in H1 2025 sales
- Strong growth potential with projected sales of $2.8B by 2035
- Long-term revenue stream secured through 2038-2041
- Diversification of portfolio with first-in-class cancer treatment
- Additional upside potential through royalty sharing on sales above $1.5B
Negative
- Large upfront payment of $885M required
- Additional $65M commitment possible within 12 months
- Dependency on Amgen's successful commercialization of Imdelltra
- BeOne retains China commercial rights, limiting geographical revenue potential
News Market Reaction – RPRX
On the day this news was published, RPRX declined 0.91%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- 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, 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
“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
Transaction Terms
For up to
Advisors
Gibson Dunn & Crutcher, Dechert and Maiwald acted as legal advisors to Royalty Pharma.
About Royalty Pharma
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 16 development-stage product candidates.
Forward-Looking Statements
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Royalty Pharma Investor Relations and Communications
+1 (212) 883-6637
ir@royaltypharma.com
FAQ
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