BeOne Medicines

BeOne Medicines Sells IMDELLTRA® Ex-China Royalties to Royalty Pharma for $885M Upfront

In a strategic move, BeOne monetizes its ex-China royalty stream for the DLL3×CD3 bispecific IMDELLTRA®, freeing capital for its pipeline while retaining domestic commercialization rights.

SDW Editor

— 2 min read

BeOne Medicines (formerly BeiGene) has entered into a royalty monetization agreement with Royalty Pharma, selling its ex-China royalty rights for Amgen’s IMDELLTRA® (tarlatamab-dlle) for up to $950 million. The deal includes an $885 million upfront payment, with an option to sell additional royalties for up to $65 million within the next 12 months. BeOne retains commercial rights in China and royalties on annual sales exceeding $1.5 billion.

Deal Overview

  • Parties Involved: BeOne Medicines (Nasdaq: ONC; HKEX: 06160; SSE: 688235) and Royalty Pharma (Nasdaq: RPRX)
  • Asset: Ex-China royalties on IMDELLTRA® (tarlatamab-dlle), an Amgen-developed bispecific T-cell engager targeting DLL3 for extensive-stage small cell lung cancer (ES-SCLC)
  • Financial Terms:
    • Upfront Payment: $885 million
    • Option to Sell Additional Royalties: Up to $65 million within 12 months
    • Maximum Transaction Value: $950 million
    • Royalty Rate: Approximately 7% of global net sales, excluding China
    • Royalty Duration: Expected through 2038–2041
  • BeOne Retains:
    • Commercial rights in China
    • Royalties on annual sales exceeding $1.5 billion
    • Rights to other assets under the Amgen collaboration, including xaluritamig (STEAP1×CD3 bispecific) in metastatic castration-resistant prostate cancer (mCRPC)

Strategic Implications

  • Capital Infusion: The $885 million upfront payment strengthens BeOne's balance sheet, providing non-dilutive capital to fund ongoing and future oncology programs.
  • Pipeline Focus: By monetizing a portion of IMDELLTRA's royalties, BeOne can reinvest in its pipeline, particularly in the development of xaluritamig and other partnered assets.
  • Royalty Finance Trend: This deal underscores the increasing use of royalty monetization as a strategy for China-partnered biotech companies to unlock value and support pipeline expansion.

IMDELLTRA® (tarlatamab-dlle) Clinical Highlights

  • Mechanism: A first-in-class DLL3×CD3 BiTE® that redirects T cells to kill DLL3-expressing tumor cells, with minimal expression on normal tissues.
  • FDA Approval (May 2024): Accelerated approval for ES-SCLC patients who have failed platinum-based chemotherapy, based on Phase 2 DeLLphi-301 trial:
    • Objective Response Rate (ORR): 40%
    • Median Duration of Response (DOR): 9.7 months
    • Median Overall Survival (OS): 14.3 months
  • Phase 3 Data (2025): DeLLphi-304 trial demonstrated superior OS compared to chemotherapy in relapsed SCLC patients, supporting potential conversion to full approval.

China Development Update

  • DeLLphi-307 (Phase 2): In China, the trial reported an ORR of approximately 39%, with safety profiles consistent with global studies. Based on these data, BeOne and Amgen submitted a New Drug Application (NDA) to China's National Medical Products Administration (NMPA) in July 2025.

Ongoing Development Programs

Amgen is conducting several studies to further evaluate IMDELLTRA's efficacy and safety:

  • DeLLphi-303: Phase Ib trial assessing IMDELLTRA in combination with standard treatment for first-line maintenance in ES-SCLC
  • DeLLphi-304: Phase III trial comparing IMDELLTRA monotherapy to standard chemotherapy in second-line treatment for ES-SCLC
  • DeLLphi-306: Phase III trial evaluating IMDELLTRA in patients with limited-stage SCLC following concurrent chemoradiotherapy
  • DeLLphi-308: Phase Ib trial investigating subcutaneous administration of IMDELLTRA in ES-SCLC patients
  • DeLLphi-309: Phase II trial exploring alternative intravenous dosing regimens for IMDELLTRA in ES-SCLC
  • DeLLphi-310/312: Additional first-line combination strategies under investigation

Deal Snapshot

  • Parties: BeOne Medicines ↔ Royalty Pharma; underlying product licensed from Amgen
  • Asset: BeOne’s ex-China royalties on IMDELLTRA global sales
  • Economics: $885M upfront + up to $65M additional within 12 months; tiered upside share on sales >$1.5B; Reuters cites ~7% royalty through 2038–2041
  • Retained Rights: BeOne keeps other Amgen-collaboration royalties and xaluritamig program rights

Editor’s Note

This deal highlights how China-partnered oncology assets are increasingly monetized through royalty finance, allowing Chinese biotechs to recycle capital into their own pipeline scale-up. Key watchpoints include ifinatamab deruxtecan (B7-H3 ADC) as a comparator landscape signal, subcutaneous tarlatamab, and upcoming 1L combination data that could reshape SCLC treatment lines in 2026+.

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