美股IPO·2025-08-25 14:21Core Viewpoint - BeiGene has entered into a royalty purchase agreement with Royalty Pharma, marking a significant step in its internationalization strategy and financial recovery from previous development costs [1][3]. Group 1: Royalty Agreement Details - Royalty Pharma will pay an upfront fee of $885 million for the majority of the royalty rights for the DLL3/CD3 bispecific antibody Imdelltra outside of China [1]. - BeiGene has the option to sell additional royalty rights within one year for an extra payment of $65 million, which will be adjusted based on additional value [1]. - BeiGene will share a portion of the royalties for revenue exceeding $1.5 billion from outside China [1]. Group 2: Historical Context and Financial Impact - The royalty rights being transferred stem from a strategic partnership with Amgen established in October 2019, where Amgen became BeiGene's largest shareholder by acquiring 20.5% of its shares [3]. - BeiGene is responsible for up to $1.25 billion in global development costs for over 20 innovative drugs in collaboration with Amgen, receiving a mid-single-digit percentage of royalties [3]. - This transaction allows BeiGene to recover over $950 million in costs associated with the development of the Imdelltra product [3]. Group 3: Strategic Implications - The licensing transaction for the DLL3/CD3 bispecific antibody signifies a successful attempt at a different internationalization model beyond self-innovation and drug commercialization [6].