Royalty Pharma has acquired a royalty interest in Amgen's immunotherapy Imdelltra (tarlatamab-dlle), designed for extensive-stage small cell lung cancer (ES-SCLC), in a deal valued up to $950 million. The drug received FDA accelerated approval in May 2024 following successful Phase II trials. Imdelltra, a bispecific T-cell engager, activates patients' immune systems to kill cancer cells. Since market launch, the drug has surpassed sales expectations, generating $215 million in the first half of 2025 and projected to exceed $2.8 billion by 2035. Royalty Pharma will receive 7% royalties globally while BeOne Medicines retains distribution rights in China.