Pharma BD Deal Intelligence

Royalty Pharma / BeOne Medicines Ltd.

2025 · Asset Purchase · $950M · Complete

BeOne Medicines Ltd. agreed to sell to Royalty Pharma its royalty interest on worldwide sales (excluding China) of Amgen's IMDELLTRA (tarlatamab-dlle) for up to $950 million. Royalty Pharma paid $885 million upfront, with BeOne holding a 12-month option to sell an additional royalty portion for up to $65 million. BeOne retains a share of the royalty on annual net sales above $1.5 billion and keeps royalty and other rights to remaining assets under its existing Amgen collaboration, including xaluritamig. IMDELLTRA is a first-in-class DLL3xCD3 bispecific T-cell engager approved in the United States for extensive-stage small cell lung cancer after platinum-based chemotherapy.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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