Agios Pharmaceuticals, Inc.

昨晚消息，百济神州以首付款8.85亿还是美元的价格将Imdelltra的海外销售的Royalty卖给了Royalty Pharma。 Royalty Pharma 是什么公司？ Royalty Pharma 是一家成立于 1996 年的私募股权投资公司，总部位于纽约，是全球最大的生物制药royalty购买者。2020年在Nasdaq上市。 这家伙花钱买的不是global license而是Royalty！ Royalty Pharma 还“投资”过哪些医药资产？ Royalty Pharma 的portfolio非常广泛，涵盖 oncology（肿瘤）、neurology（神经）、endocrinology（内分泌）等领域，已收购数百个royalty，部分主要交易（按时间倒序，聚焦 2024-2025 年近期案例）： •  2025 年 6 月：Revolution Medicines - 20 亿美元，包括12.5 亿美（针对癌症药物）和 7.5 亿美元担保债务。     •  2025 年 2 月：Biogen - 2.5 亿美元，用于 litifilimab（3期临床，用于系统性红斑狼疮）。  •  2025 年 1 月：Morphosys - 卖，但此前通过收购获得 Tremfya 和其他管线的royalty。  •  2025 年：Agios Pharmaceuticals - 9.05 亿美元收购 Servier 的 vorasidenib（脑瘤）royalty •  2024 年 9 月：Ascendis Pharma - 1.5 亿美元l协议。  •  2024 年 6 月：Cytokinetics - 5.75 亿美元交易，用于心血管药物。  其portfolio包括 45+ 个批准产品和多个开发阶段资产，总价值数百亿美元。 IMDELLTRA是个啥？ 2019年，百济神州与Amgen达成一项价值高达27亿美元的战略合作协议，聚焦于肿瘤领域的药物开发与商业化。 公告三个重点产品没有Imdelltra，Imdelltra只是隐藏在其他共同开发的管线中，是典型的“买花瓶把狗盆搭给我吧” 所以说，凭啥royalty卖9亿，因为娘家姓Amgen！

Dive Brief:Royalty Pharma has grabbed rights to a share in revenue from lung cancer drug Imdelltra, announcing Monday it will pay $885 million upfront for BeOne Medicines royalties paid by partner Amgen for sales outside China. BeOne, formerly known as BeiGene, has rights to Imdelltra revenue because of a $2.7 billion collaboration deal it struck with Amgen in 2019.Per deal terms, BeOne has the option to sell another chunk of Imdelltra royalties in the next year for $65 million, bringing the deal total to around $950 million. Royalty said the initial royalty stream amounted to approximately 7% of worldwide net sales.Launched in 2024 for small cell lung cancer, Imdelltra earned sales of $215 million through the first six months of 2025, most of it in the U.S. under an accelerated approval from the Food and Drug Administration. Amgen recently reported data from a clinical trial showing the drug extends survival compared with chemotherapy, which should secure its place on the market.Dive InsightBeOne is now well established as a commercial drugmaker, recording total sales of $2.4 billion through the first six months of the year from drugs it developed as well as some of Amgens products in China. However, it also has significant expenses, burning about $2 billion over the same time about half on research and development of its own drugs like Brukinsa and sonrotoclax.That profit picture for the first half looks like it will be sustained for the full year, as BeOnes executives forecast positive operating income and cash flow even before this deal was announced. The deal will only build on that momentum, executives said Monday.A strong balance sheet is a hallmark of the most successful companies in our industry, and this transaction provides increased operational and strategic flexibility as we continue to execute our business strategy for the long term, said CFO Aaron Rosenberg, in a statement.A so-called bispecific antibody, Imdelltra triggers an immune response to cells expressing a protein called DLL-3, common among tumor cells in small cell cancer, a hard-to-treat disease that until recently has had few innovative treatments. While Merck & Co.s immunotherapy Keytruda and Bristol Myers Squibbs Opdivo have gained approval for small cell lung cancer, they were withdrawn when confirmatory data didnt support their use. Roches Tecentriq can be used in certain patients, however.Imdelltra is reshaping the treatment paradigm for patients with small cell lung cancer, a highly aggressive disease with few treatment options, said Pablo Legorreta, Royaltys CEO, in a statement. Todays transaction is consistent with our strategy of acquiring royalties on highly transformative products in life sciences.Royalty Pharma has been active in buying revenue streams recently, striking deals with Biogen, Cytokinetics, Sanofi and Agios. '

iStock, Olena Koliesnik After two patients who received the investigational CDC7 blocker died, pushing forward with SGR-2921’s development would be “difficult,” according to Schrödinger, whose stock dropped 17.5% before the opening bell on Thursday. Two patients have died after receiving Schrödinger’s investigational CDC7 blocker SGR-2921, being tested in relapsed/refractory acute myeloid leukemia or high-risk myelodysplastic syndromes. The New York–based biotech has decided to pull the plug on SGR-2921. Schrödinger had been testing SGR-2921 in a Phase I dose-escalation study, which found “early evidence of monotherapy activity,” according to a company announcement on Thursday. However, the drug was “considered to have contributed” to two patient deaths, resulting in an overall risk/benefit pro would make further development, including as part of a combination regimen, “difficult to pursue,” Schrödinger added in its statement. Chief Medical Officer Margaret Dugan said in a prepared statement on Thursday that the decision to discontinue SGR-2921 is “disappointing” but is “the right decision for patients.” Schrödinger is down 17.5% before the opening bell on Thursday. Despite losing SGR-2921, the company still has a bevy of oncology activity. In June, Schrödinger released initial Phase I data for the small molecule drug SGR-1505 in relapsed/refractory B cell malignancies, demonstrating clinical activity in different histologies, including chronic lymphocytic leukemia and Waldenström macroglobulinemia. Meanwhile, the company is trialing another small molecule, SGR-3515 for solid tumors, with preclinical data in October 2024 pointing to stronger and more durable anti-tumor activity versus previous inhibitors. The asset’s Phase I study is recruiting and has a primary completion date in October 2026. Patient deaths have captured pharma headlines in recent months, most prominent of which were the three mortalities associated with Sarepta Therapeutics’ gene therapy portfolio: two with the Duchenne muscular dystrophy treatment Elevidys and one with an investigational product for limb-girdle muscular dystrophy. On Wednesday, California-based CytomX reported one patient death linked to its antibody-drug conjugate CX-2051 being tested for colorectal cancer. A safety committee has supported the continuation of the Phase I study for the asset. Earlier this month, Allogene also reported a mortality in the Phase II study of its lymphoma CAR T cell therapy cemacabtagene ansegedleucel. The death was attributed to ALLO-647, an antibody that helps suppress the immune system in preparation for cell therapy infusion. Last week, Agios Pharmaceuticals also reported three patient deaths associated with its anemia therapy Pyrukynd. The biotech maintained that these mortalities have “not altered the established benefit-risk profile” for the drug.