Core Insights - Royalty Pharma has acquired a royalty interest in Amgen's Imdelltra for $885 million upfront, with an option for BeOne Medicines to sell additional royalties for up to $65 million within the next 12 months [1][3] - Imdelltra is a first-in-class bispecific T-cell engager targeting DLL3, aimed at treating extensive-stage small cell lung cancer (ES-SCLC), a disease with limited treatment options [2][6] - The acquisition aligns with Royalty Pharma's strategy to invest in transformative life sciences products, enhancing its long-term growth and portfolio diversification [2][3] Transaction Details - The total potential acquisition cost for Royalty Pharma could reach $950 million, which includes a 7% royalty on worldwide net sales of Imdelltra, with royalty sharing on annual net sales exceeding $1.5 billion [3] - The royalty duration for Imdelltra is expected to extend through 2038-2041, while BeOne retains commercial rights in China [3] Market Context - Imdelltra received accelerated FDA approval in May 2024 for treating ES-SCLC in patients who have progressed after platinum-based chemotherapy [2] - Approximately 360,000 patients are affected by small cell lung cancer globally each year, with a poor prognosis and a five-year survival rate of only 7% for invasive disease [2] - Imdelltra sales reached $215 million in the first half of 2025, with projections to exceed $2.8 billion by 2035 based on analyst consensus [2]