5:22 PM
Jul 06, 2017
 |  BC Extra  |  Company News

BeiGene grants Celgene PD-1 rights, acquires China operations

BeiGene Ltd. (NASDAQ:BGNE) granted Celgene Corp. (NASDAQ:CELG) exclusive rights in most of the world to its PD-1 inhibitor BGB-A317 for non-hematological indications and acquired Celgene's commercial operations in China, including local rights to a handful of marketed therapies.

The news drove BeiGene shares up $14.01 (27%) to $66.28 on Thursday. The company added more than $550 million in market cap to end the day at about $2.6 billion.

In the deal, BeiGene is to receive $263 million in licensing fees and is eligible for $980 million in milestones, plus royalties. Celgene will also invest $150 million in BeiGene to obtain a 5.9% equity stake. Based on a share price that would value BeiGene's ADSs at...

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