BeiGene preps for Phase III with follow-on

As it prepares to conduct a Phase III study of its lead candidate, cancer company BeiGene Ltd. (NASDAQ:BGNE) raised $185 million in a bumped-up follow-on of ADSs underwritten by Morgan Stanley, Goldman Sachs, Cowen, Baird and William Blair.

The offering totaled $200 million, including $15 million in sales by existing shareholders. BeiGene sold 5.8 million ADSs at $32. Each ADS represents 13 ordinary shares. Shareholders including an affiliate of CITIC PE and co-founder Xiaodong Wang sold a combined 468,750 ADSs at the offering price...