By Fineline Cube 
On August 26, 2025, BeOne Medicines Ltd. (NASDAQ: ONC; HKG: 6160; SHA: 688235) announced that it had entered into an agreement with Royalty Pharma (NASDAQ: RPRX) to sell its rights to royalties on worldwide net sales of tarlatamab (IMDELLTRA), a product licensed by Amgen, outside of China. The transaction is valued at up to $950 million.
Transaction Details
Under the terms of the agreement, BeOne will receive an upfront payment of $885 million and has the right to sell the remaining royalty rights for up to an additional $65 million within 12 months. BeOne will also retain the right to receive a percentage of the annual net sales of the product that exceeds $1.5 billion, based on the royalty proportion. Pursuant to its existing collaboration agreement with Amgen, BeOne will retain its royalty rights and all other rights to other products, including xaluritamig, a first‑in‑class, STEAP1 and CD3‑targeting XmAb bispecific antibody currently being studied in patients with metastatic castration‑resistant prostate cancer.
Product Overview
Tarlatamab is a first‑in‑class immunotherapy that targets DLL3 protein on tumor cells and CD3 protein on T‑cells to activate T‑cells to kill DLL3‑expressing tumor cells. The drug has been approved in the U.S. for the treatment of adult patients with extensive‑stage small cell lung cancer (ES‑SCLC) with disease progression on or after platinum‑based chemotherapy.
Strategic Implications
The deal provides BeOne with a substantial liquidity boost and a clear path to monetise its royalty stream from a high‑profile oncology asset. For Royalty Pharma, the acquisition adds a proven, blockbuster‑qualified product to its portfolio, strengthening its position in the oncology royalty market. The transaction also reinforces the partnership with Amgen, ensuring that both companies can focus on developing and commercialising the broader pipeline of innovative therapies.
Conclusion
By securing a $950 million transaction for tarlatamab rights, BeOne is positioning itself to accelerate growth and deepen its engagement in the oncology space, while Royalty Pharma expands its reach into high‑impact therapeutics.-Fineline Info & Tech