Royalty Pharma to buy royalty interest in Amgen Imdelltra for up to USD 950 million

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.

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.

Gibson Dunn & Crutcher, Dechert and Maiwald acted as legal advisors to Royalty Pharma.