Deals

BeOne cashes in its Imdelltra royalty

26 August 2025

Meanwhile, Royalty Pharma stakes $885m on $2.8bn sales by 2035.

BeOne Medicines has traded the promise of its Amgen-partnered DLL3-targeting T-cell engager Imdelltra for near-term cash, selling its ex-China royalty stream to Royalty Pharma for $885m up front.Royalty Pharma, meanwhile, is taking a gamble that Imdelltra sales will continue to accelerate. If that group’s prediction of $2.8bn 2035 revenues comes to pass, it will have justified its outlay. However, a lot will depend on Amgen moving Imdelltra into first-line small-cell lung cancer, and keeping ahead of the competition in DLL3.2019 dealAccording to Royalty, BeOne owns around a 7% royalty on worldwide sales of Imdelltra, via a 2019 deal covering various approved drugs and pipeline projects. This agreement saw Amgen pay $2.7bn for a 20.5% stake in BeOne (then known as BeiGene), with BeOne contributing to R&D.If Imdelltra does make $2.8bn this would amount to a royalty of $196m.However, it’s unclear exactly how much Royalty will get under the terms of the deal. The $885m up-front fee will give the group a “significant portion” of the royalties, according to a BeOne SEC filing. BeOne also has the option to sell Royalty an “additional portion” for another $65m.And BeOne isn’t abandoning Imdelltra entirely. The group will share royalties on annual sales above $1.5bn, but more details weren’t disclosed. BeOne will also retain rights to the drug in China, where the Dellphi-307 trial could support approval.ExpandingImdelltra was granted FDA accelerated approval in May 2024 for second-line SCLC; since then sales have been accelerating, and the drug looks likely to gain full approval, based on data from the confirmatory Dellphi-304 trial, presented at ASCO this year. Imdelltra sales ($m)Q2 2024Q3 2024Q4 2024Q1 2025Q2 202512366781134Source: company releases. However, if the drug is to achieve its full potential it will need to move earlier, and Amgen has various front-line efforts ongoing, including the Dellphi-312 trial, which began this month.And Imdelltra might not have the DLL3 space to itself for much longer. Its most advanced competitor is Zai Lab, which plans to start a pivotal trial of its ADC, zocilurtatug pelitecan, this year – which it hopes will support accelerated approval in 2027.Another anti-DLL3 ADC, Jiangsu HengRui/Ideaya’s SHR-4849 (IDE849) will feature at the upcoming World Conference on Lung Cancer. Roche also licensed an ADC from Innovent for $80m up front in January; that project, now known as RG6810, is in phase 1 in Australia and China.On the T-cell engager side, other contenders include Merck & Co, with gocatamig, a T-cell engager gained via the $680m acquisition of Harpoon, although the focus for that project now appears to be a combination with the Daiichi-partnered B7-H3-targeting ADC ifinatamab deruxtecan. Boehringer Ingelheim’s obrixtamig is in phase 2, while others are looking at DLL3 trispecifics.Meanwhile, a Car-T project from Novartis and Legend will also have data at World Lung.There are around 20 clinical-stage DLL3-targeting projects in development, according to OncologyPipeline. Royalty Pharma will hope that Imdelltra will keep an edge over its rivals, but BeOne is hedging its bets.

BeOne Medicines has traded the promise of its Amgen-partnered DLL3-targeting T-cell engager Imdelltra for near-term cash, selling its ex-China royalty stream to Royalty Pharma for $885m up front.

Royalty Pharma, meanwhile, is taking a gamble that Imdelltra sales will continue to accelerate. If that group’s prediction of $2.8bn 2035 revenues comes to pass, it will have justified its outlay. However, a lot will depend on Amgen moving Imdelltra into first-line small-cell lung cancer, and keeping ahead of the competition in DLL3.

2019 deal

According to Royalty, BeOne owns around a 7% royalty on worldwide sales of Imdelltra, via a 2019 deal covering various approved drugs and pipeline projects. This agreement saw Amgen pay $2.7bn for a 20.5% stake in BeOne (then known as BeiGene), with BeOne contributing to R&D.

If Imdelltra does make $2.8bn this would amount to a royalty of $196m.

However, it’s unclear exactly how much Royalty will get under the terms of the deal. The $885m up-front fee will give the group a “significant portion” of the royalties, according to a BeOne SEC filing. BeOne also has the option to sell Royalty an “additional portion” for another $65m.

And BeOne isn’t abandoning Imdelltra entirely. The group will share royalties on annual sales above $1.5bn, but more details weren’t disclosed. BeOne will also retain rights to the drug in China, where the Dellphi-307 trial could support approval.

Expanding

Imdelltra was granted FDA accelerated approval in May 2024 for second-line SCLC; since then sales have been accelerating, and the drug looks likely to gain full approval, based on data from the confirmatory Dellphi-304 trial, presented at ASCO this year.

Imdelltra sales ($m)

Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
12	36	67	81	134

Source: company releases.

However, if the drug is to achieve its full potential it will need to move earlier, and Amgen has various front-line efforts ongoing, including the Dellphi-312 trial, which began this month.

And Imdelltra might not have the DLL3 space to itself for much longer. Its most advanced competitor is Zai Lab, which plans to start a pivotal trial of its ADC, zocilurtatug pelitecan, this year – which it hopes will support accelerated approval in 2027.

Another anti-DLL3 ADC, Jiangsu HengRui/Ideaya’s SHR-4849 (IDE849) will feature at the upcoming World Conference on Lung Cancer. Roche also licensed an ADC from Innovent for $80m up front in January; that project, now known as RG6810, is in phase 1 in Australia and China.

On the T-cell engager side, other contenders include Merck & Co, with gocatamig, a T-cell engager gained via the $680m acquisition of Harpoon, although the focus for that project now appears to be a combination with the Daiichi-partnered B7-H3-targeting ADC ifinatamab deruxtecan. Boehringer Ingelheim’s obrixtamig is in phase 2, while others are looking at DLL3 trispecifics.

Meanwhile, a Car-T project from Novartis and Legend will also have data at World Lung.

There are around 20 clinical-stage DLL3-targeting projects in development, according to OncologyPipeline. Royalty Pharma will hope that Imdelltra will keep an edge over its rivals, but BeOne is hedging its bets.