In its second major -- and potentially transformational -- deal with a U.S. company, BeiGene has entered a development and commercialization deal with Amgen that adds nearly two dozen compounds to the Chinese biotech’s marketed portfolio and R&D pipeline. The partnership could deliver BeiGene its goal of becoming a global player.
BeiGene Ltd. (NASDAQ:BGNE; HKEX:6160) will co-develop 20 programs from the cancer pipeline of Amgen Inc. (NASDAQ:AMGN) in China and gain commercialization rights to the U.S. company’s three marketed cancer products.
Amgen will make a $2.7 billion equity investment in BeiGene at $174.85 per ADS, a 26% premium to BeiGene’s close on NASDAQ of $138.34 Thursday, before the deal was announced. The investment gives Amgen a 20.5% stake in the Chinese company, as well as a seat on BeiGene’s board. BeiGene ended the week up $51.22 (37%) to $189.56.