BeOne Medicines announced an agreement with Royalty Pharma to sell its rights on worldwide sales (excluding China) of Amen’s Imdelltra for upwards of $950 million. Terms of the agreement grant BeOne an upfront payment of $885 million, along with the option to sell its remaining royalties for upwards of $65 million within a twelve-month period.

Aaron Rosenberg, chief financial officer of BeOne, touched on the financial implications of the agreement, saying, “This agreement meaningfully accelerates value realization for BeOne, while preserving continued participation in the long-term potential of Imdelltra. A strong balance sheet is a hallmark of the most successful companies in our industry, and this transaction provides increased operational and strategic flexibility as we continue to execute our business strategy for the long term.”¹

Terms of the agreement

The agreement will also provide BeOne a portion of royalties on annual net sales above $1.5 billion, while allowing BeOne to retain royalty and all other rights to additional assets included in its collaboration with Amgen. This includes xaluritmig a first-in-class STEAP1 x CD3 XmAb currently being studied in patients with metastatic castration-resistant prostate cancer (mCRPC).1

Imdelltra (tarlatamab) is a first-in-class immunotherapy, binding both DLL3 on tumor cells and CD3 on T cells, while activating T cells to kill DLL3-expressing cells. This generates the formation of a cytolytic synapse with lysis of the cancer cell. DLL3, a protein expressed on the surface of SCLC cells in most patients with SCLC. DLL3 is minimally expressed on healthy cells, making it a critical target for the treatment.

Imdelltra is currently involved in multiple studies.

• DeLLphi-303, a Phase 1b study evaluating Imdelltra in combination with standard of care therapies in first-line ES-SCLC.
• DeLLphi-304 is a randomized Phase 3 trial comparing Imdelltra monotherapy to standard of care chemotherapy in second-line treatment of ES-SCLC.
• DeLLphi-306, a randomized placebo-controlled Phase 3 trial of Imdelltra follows concurrent chemoradiotherapy in limited-stage SCLC.
• DeLLphi-308, a Phase 1b study evaluating subcutaneous Imdelltra in second line and or later ES-SCLC.
• DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens with Imdelltra in second-line ES-SCLC.

BeOne’s CEO makes a statement

Following the announcement of the royalty purchase agreement, John V. Oyler, co-founder, chairman and CEO of BeOne briefly mentioned the implications the agreement will have for BeOne and its pipeline.

“Today’s announcement is testament to the value of our long-term collaboration with Amgen, the developer of Imdelltra, who recognized the potential of BeOne in advancing their oncology pipeline,” said John. “In the five years since entering into this collaboration, we have executed with purpose in advancing our mission to deliver multiple transformative medicines to more patients worldwide.”¹

Sources

1. BeOne Medicines Announces IMDELLTRA Royalty Purchase Agreement for up to $950 Million BeOne Medicines August 25, 2025 https://ir.beonemedicines.com/news/beone-medicines-announces-imdelltra-royalty-purchase-agreement-for-up-to-dollar950-million/b7f14787-2093-412f-8f72-243c6e59a41c