Royalty Pharma spent up to $950 million to acquire the royalties for Amgen's lung cancer drug

Biotechnology company Royalty Pharma (RPRX.US) announced on Monday that it has agreed to purchase the royalty rights for Amgen (AMGN.US) subsidiary's small cell lung cancer drug from BeOne Medicines for up to $950 million.

This transaction will allow Royalty Pharma to receive approximately 7% of the global net sales of the Imdelltra therapy, which was approved in the United States last year for the treatment of patients with extensive-stage small cell lung cancer who have failed chemotherapy