Amgen takes a $2.7B stake in BeiGene, gaining a prominent ally in China to help seize a leading role in cancer drug commercialization and development
Amgen has found both a commercial partner to help build up its cancer drug revenue in China, as well as a fast growing R&D partner for the development of its experimental oncology pipeline — including the closely-watched KRAS G12C drug AMG 510. And they’re paying top dollar to close the deal today.
The big winner is BeiGene $BGNE, a Chinese manufacturer and developer who’s been hard at it growing their portfolio under CEO John Oyler. Oyler scored a deal that delivers $2.7 billion to BeiGene in exchange for 20.5% of the company — equity that Amgen is paying a significant premium on at $174.85 per share. And Oyler will invest up to $1.25 billion from his end to back work on a pipeline of roughly 20 more cancer drugs in development from Amgen.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 65,000+ biopharma pros reading Endpoints daily — and it's free.