BeOne Medicines to sell royalty rights of Imdelltra to Royalty Pharma for $950M

BeOne Medicines (ONC) announced it has entered into an agreement to sell its royalty rights on the worldwide sales, excluding China, of Amgen’s (AMGN) Imdelltra, or tarlatamab-dlle, for up to $950M to Royalty Pharma (RPRX). Under the terms of the agreement, BeOne will receive an upfront payment of $885M, with the option to sell remaining royalties within 12 months for up to $65M. BeOne will share in a portion of the royalty on annual sales above $1.5B, and will maintain royalty and all other rights to other assets under the terms of the existing collaboration with Amgen, including xaluritamig, a first-in-class STEAP1 x CD3 XmAb currently being studied in patients with metastatic castration-resistant prostate cancer, or mCRPC. IMDELLTRA is a first-in-class immunotherapy that binds to both DLL3 on tumor cells and CD3 on T cells, activating T cells to kill DLL3-expressing cells. IMDELLTRA is approved in the United States for patients with extensive-stage small cell lung cancer who have progressed on or after receiving platinum-based chemotherapy.