BeOne Meds sells Imdelltra royalty for up to $950 million

BeOne Medicines (Nasdaq: ONC; HKEX: 06160) revealed it has entered into an agreement to sell its royalty rights on the worldwide sales, excluding China, of Amgen’s (Nasdaq: AMGN) Imdelltra (tarlatamab-dlle) for up to $950 million to Royalty Pharma (Nasdaq: RPRX).

The Sino-American oncology focused biotech company’s shares rose 3.1% to 254.99 renminbi following the announcement yesterday.

BeOne noted that it 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, and will maintain royalty and all other rights to other assets under the terms of the existing collaboration with Amgen, including xaluritamig, a first-in-class STEAP1 x CD3 XmAb currently being studied in patients with metastatic castration-resistant prostate cancer (mCRPC).