Royalty Pharma secures $950 million royalty stake in Amgen’s Imdelltra

Royalty Pharma has struck a landmark agreement to purchase a royalty interest in Amgen’s lung cancer therapy Imdelltra for up to $950 million. The pharmaceutical financier will pay $885 million upfront to BeOne Medicines—which retains the drug’s commercial rights in China—and may acquire additional royalty rights worth $65 million within twelve months. Under the deal, Royalty Pharma will receive roughly 7 percent of global net sales of Imdelltra, excluding the Chinese market.

Imdelltra, approved in the U.S. in 2024 for small cell lung cancer patients whose disease progressed after platinum‑based chemotherapy, has already shown remarkable clinical results. A Phase 3 trial demonstrated a 40 percent reduction in risk of death and a median overall survival of 13.6 months compared to 8.3 months with chemotherapy. Sales reached $215 million in the first half of 2025 and Imdelltra is forecasted to generate over $2.8 billion annually by 2035.

This transaction significantly boosts Royalty Pharma’s oncology royalty portfolio and positions them for long‑term benefit, as royalty flows are expected to continue until approximately 2038–2041