Royalty Pharma agreed to buy most of BeOne Medicines’ royalty stream on Amgen’s Imdelltra, a first-in-class treatment for extensive-stage small cell lung cancer, in a deal worth up to $950 million. The transaction gives the New York-based royalty investment firm about seven percent of the drug’s global net sales, while BeOne retains commercial rights in China. Under the terms disclosed on Monday, Royalty Pharma will pay $885 million immediately and holds an option to acquire additional Imdelltra royalties for up to $65 million within the next 12 months. The royalty interest is expected to run through 2038-2041, providing BeOne with funds to bolster its balance sheet and pipeline, and expanding Royalty Pharma’s portfolio of oncology assets. Imdelltra, a DLL3-targeting bispecific T-cell engager, received U.S. accelerated approval in May 2024 for patients whose disease has progressed after platinum-based chemotherapy. Amgen is conducting Phase 3 trials to move the drug into the frontline setting. Analysts put first-half 2025 sales at $215 million and project annual revenue could exceed $2.8 billion by 2035, reflecting significant commercial potential in a cancer that affects about 360,000 people worldwide each year. Royalty Pharma Chief Executive Officer Pablo Legorreta said the acquisition "further enhances our long-term growth and portfolio diversification," while BeOne CEO John Oyler described the monetisation as providing "increased strategic flexibility" as the company advances other programs. The agreement underscores continued investor appetite for royalty financing to fund late-stage biopharmaceutical innovation.