Oct. 14 Quick Takes: BeiGene, BMS spar as pharma seeks end to Abraxane deal

BeiGene Ltd. (NASDAQ:BGNE) is contesting the attempted withdrawal by Bristol Myers Squibb Co. (NYSE:BMS) from a deal under which the cross-border biotech has marketed Abraxane nab-paclitaxel in China. Manufacturing issues at a U.S. facility first identified by China’s National Medical Products Administration led to a suspension in March 2020 of Abraxane’s importation and sale in the country. BeiGene has sought arbitration, alleging a breach of contract. On Oct. 6, BMS notified BeiGene of its intent to terminate the deal, but BeiGene maintains that the pharma is doing so as a tactical maneuver to minimize damages under the arbitration proceedings. BeiGene booked $17.7 million in Abraxane revenues last year.

Digital biomanufacturer Culture Biosciences Inc. aims to expand its technology and infrastructure after raising $80 million in a series B financing led by Northpond Ventures. Also participating in the round were Synthesis Capital and existing investors Cultivian Sandbox Ventures, The Production Board, Craft Ventures, E14 Fund, Box Group, Verily Life Sciences and Section 32. Culture launched in 2019 and has now raised more than $100 million. ...