Layer 01 · Status
Clinical
First-in-class DLL3-targeting bispecific T-cell engager for small cell lung cancer.
Layer 02 · Who pays?
Royalty stack & transaction
A real, recent royalty acquisition. The numbers are public and the structure is informative.
Royalty rate
~7%
Amgen pays BeOne (originator) on net Imdelltra sales. Royalty sharing kicks in on annual sales above $1.5B.
Royalty Pharma transaction
$885M / $950M
$885M upfront, up to $950M total including milestones. BeOne sold the royalty stream to Royalty Pharma.
Above the median for first-in-class oncology approved-asset deals (n=85 in our corpus).
Layer 03 · Fair rate?
Implied multiple & IRR
Every approved-asset scenario on this site references this multiple.
| Metric | Value | Notes |
|---|---|---|
| Peak royalty (7% × $2.8B consensus) | $196M / yr | Consensus 2035 peak base case |
| Implied peak-royalty multiple | ~4.5× | $885M upfront ÷ $196M peak royalty |
| Unlevered IRR target (per RP 2025 Investor Day) | ~8–12% | Approved royalties |
| Implied unlevered IRR at this multiple | ~8–9% | Roughly fair value at consensus |
Layer 04 · Triggers
Sharing structure
The contingent feature that does most of the work in this transaction.
Royalty sharing on annual sales above $1.5B is the structural feature most easily missed. Below that threshold, Royalty Pharma keeps the full royalty. Above it, RP shares with BeOne. This caps the upside for RP if Imdelltra blows past consensus, and asymmetrically protects BeOne if peak sales come in well above the $2.8B base case.
Layer 05 · Threats
Competitors
SCLC is a competitive but underserved indication; first-in-class is meaningful.
DLL3-targeted modalities are an active development area. The structural moat for Imdelltra is the FDA accelerated-approval head start and the BiTE format's combination potential. Generic biosimilar timing is not a near-term concern at this stage of the lifecycle.
Layer 06 · Value
Three calibration anchors for every other deal
Why this transaction matters for everything else.
Multiple discipline
~4.5× peak royalty for an approved, first-in-class asset with consensus 2035 sales of $2.8B. Use this as the upper bound for what a major fund will pay for an approved-asset, single-indication royalty in 2026.
IRR target
8–9% unlevered IRR at the consensus peak. This calibrates Royalty Pharma's published 8–12% approved-royalty target band against a real, recent transaction.
Sharing structure
Sharing thresholds are increasingly standard in approved-asset royalty acquisitions. They protect both sides against forecast asymmetry. Expect to see more of these in 2026 deals.
The deal corpus is the moat. Every closed transaction recalibrates every open underwriting.
Imdelltra reset the multiple and the IRR target for an entire cohort of approved-asset royalty acquisitions. Any 2026 transaction in oncology, in CNS, in immunology must reference this benchmark or it is being underwritten without context.