Royalty Pharma secured a royalty interest in Amgen’s Imdelltra (tarlatamab-dlle), an immunotherapy for extensive-stage small cell lung cancer (ES-SCLC), in a deal worth up to $950 million. Imdelltra acts as a bispecific T-cell engager, activating the immune system to combat aggressive cancer cells. After receiving accelerated FDA approval in May 2024 and exceeding sales expectations in the first half of 2025, the drug has reshaped the treatment landscape for this challenging cancer subtype. With forecasted revenues surpassing $2.8 billion by 2035, this royalty acquisition highlights opportunities in oncology royalty streams.