BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235) has announced a significant agreement to sell its royalty rights on the worldwide sales, excluding China, of Amgen's Imdelltra® (tarlatamab-dlle) for up to $950 million to Royalty Pharma (NASDAQ: RPRX). Under the terms of the agreement, BeOne will receive an upfront payment of $885 million, with the option to sell remaining royalties within 12 months for up to $65 million. BeOne will share in a portion of the royalty on annual sales above $1.5 billion.
Imdelltra® is a first-in-class immunotherapy that binds to both DLL3 on tumor cells and CD3 on T cells, activating T cells to kill DLL3-expressing cells. It is approved in the United States for patients with extensive-stage small cell lung cancer (ES-SCLC) who have progressed on or after receiving platinum-based chemotherapy.
The company's CFO, Aaron Rosenberg, noted that "a strong balance sheet is a hallmark of the most successful companies in our industry," emphasizing that the transaction provides increased operational and strategic flexibility as BeOne continues to execute its business strategy for the long term.
BeOne Medicines Ltd. has seen substantial growth in its global team, now comprising more than 11,000 colleagues spanning six continents, demonstrating its commitment to radically improving access to medicines for more patients in need.
This agreement marks a significant milestone for BeOne Medicines Ltd. as it continues to focus on advancing its mission to deliver transformative medicines to more patients worldwide. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $313.67. For more information, read the company's full 8-K submission here.
