Royalty Pharma confirms acquisition of royalty interest in Amgen’s Imdelltra

Royalty Pharma (RPRX) announced that it has acquired a royalty interest in Amgen’s (AMGN) Imdelltra, a first-in-class DLL3 targeting bispecific T-cell engager, from BeOne Medicines (ONC) for $885M upfront. The agreement includes an option for BeOne to sell additional Imdelltra royalties to Royalty Pharma for up to $65M within the next 12 months. For up to $950M, 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 $1.5B. Royalty Pharma will pay $885M upfront and BeOne will retain the option to sell an additional portion of its royalty to Royalty Pharma for up to $65M 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.