BeiGene raises $750M follow-on in busy month

BeiGene Ltd. (NASDAQ:BGNE) climbed $12.93 (13%) to $115.56 on Thursday after it raised $750 million through the sale of 7.4 million ADSs at $101 in a follow-on underwritten by Goldman Sachs, Morgan Stanley, Cowen, Leerink Partners and William Blair. The price is a 2% discount to BeiGene's closing price of $102.86 on Tuesday, when it proposed after market hours to raise $650 million. Each ADS represents 13 ordinary shares.

Last month, BeiGene started a global Phase III trial testing anti-PD-1 mAb tislelizumab (BGB-A317) vs. Nexavar sorafenib from Bayer AG (Xetra:BAYN) as a first-line treatment for advanced hepatocellular carcinoma (HCC). Tislelizumab is also in a global Phase III trial to treat non-small cell lung cancer (NSCLC), as well as two pivotal Chinese Phase II trials to treat relapsed or refractory classical Hodgkin's lymphoma and urothelial cancer...