| Celgene to buy BeiGene stake, jointly develop tumor cancer treatment|
- Celgene (NASDAQ: CELG) agrees to acquire a stake in biopharma peer BeiGene (NASDAQ: BGNE) and help develop and commercialize BGNE's investigational treatment for tumor cancers.
- CELG will buy 32.7M, or 5.9%, of BGNE's shares at $4.58 each, or $59.55 per ADS; BGNE will receive $263M in upfront license fees and be eligible to receive up to $980M in development, regulatory and sales milestone payments and royalties on future sales of the tumor cancer treatment.
- BGNE also will acquire CELG’s operations in China, and will license and assume commercial responsibility for CELG’s approved therapies in the country.
- BGNE says its BGB-A317 advanced clinical-stage investigational tumor cancer treatment has been dosed in more than 500 patients.
- BGNE +10.9% premarket.