Royalty Pharma acquires lung cancer treatment for $950m
Private equity investor firm Royalty Pharma has acquired a royalty interest in Amgen’s Imdelltra (tarlatamab-dlle) from BeOne Medicines (formerly known as BeiGene) in a deal worth up to $950 million.
Imdelltra is an immunotherapy prescribed to adults diagnosed with extensive-stage small cell lung cancer (ES-SCLC). This type of cancer accounts for 15% of all lung cancers and affects more than 200,000 people annually in the United States. Working as a bispecific T-cell engager, the drug activates the patient’s own immune system to effectively kill cancerous cells.
Following a successful Phase II clinical trial (NCT05060016), the US Food and Drug Administration (FDA) granted a “first of its kind” accelerated approval to Imdelltra in May 2024.
Royalty Pharma will pay China-based BeOne Medicines $885 million upfront, with the possibility of purchasing additional royalties for up to $65 million. As part of the agreement, BeOne Medicines will retain exclusive rights to distribute the immunotherapy in China.
Pablo Legorreta, CEO of Royalty Pharma, shared his excitement on the deal. “We are excited to acquire this royalty stream from BeOne Medicines, a global oncology company advancing innovative treatments,” he said.
“Imdelltra is reshaping the treatment paradigm for patients with small cell lung cancer, a highly aggressive disease with few treatment options.”
Laurie Fenton Ambrose, co-founder of GO2 for Lung Cancer, spoke to the significance of this.
“After decades of minimal advancements in the SCLC treatment landscape, there is now an effective and innovative treatment option available,” she said. “This approval marks a significant milestone for the SCLC community as the availability of a targeted bispecific therapy brings forward new possibilities to those living with this aggressive disease.”
Sales galore
The immunotherapy has also seen great success upon market entry. Sales reached $215 million in the first six months of 2025 alone, exceeding analysts’ predictions by 41%. At the current growth rate, revenue generated by Amgen’s development is forecasted to exceed $2.8 billion by 2035.
As part of the deal, Royalty Pharma will receive 7% royalty on worldwide net sales of Imdelltra.
“Today’s transaction is consistent with our strategy of acquiring royalties on highly transformative products in life sciences,” Legorreta said in a statement. “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.”
This is one of many deals Royalty Pharma has pursued to bolster its oncology portfolio.
The company entered a royalty agreement worth $500 million for the US sales of Ferring Pharmaceuticals’ Adstiladrin – a gene therapy for bladder cancer – in 2023. Later in 2024, Royalty Pharma acquired a royalty interest in vorasidenib (commercially known as Voranigo) for $905 million in an upfront payment.
link
