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Investing.com -- BeOne Medicines Ltd. (NASDAQ:ONC) stock rose 2% in Monday’s premarket trade after the global oncology company announced an agreement to sell its royalty rights on worldwide sales of Amgen’s IMDELLTRA® (tarlatamab-dlle) to Royalty Pharma (NASDAQ:RPRX) for up to $950 million.
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 an additional $65 million. The deal excludes China from the royalty rights being sold. BeOne will retain a portion of royalties on annual sales exceeding $1.5 billion.
IMDELLTRA is a first-in-class immunotherapy approved in the United States for patients with extensive-stage small cell lung cancer who have progressed on or after receiving platinum-based chemotherapy. The therapy works by binding to both DLL3 on tumor cells and CD3 on T cells, activating T cells to kill DLL3-expressing cells.
"This agreement meaningfully accelerates value realization for BeOne, while preserving continued participation in the long-term potential of IMDELLTRA," said Aaron Rosenberg, Chief Financial Officer at BeOne.
The company will maintain royalty and all other rights to other assets under its 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.
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