Protocols

BeiGene ups offering to a whopping $750M; Celgene backing $475M raise for Agios; Avastin copycat OK’d for Europe

→ In a demonstration of its popularity, BeiGene $BGNE has priced its public offering at $750 million — quite a bit more than the $650 million it had proposed earlier in the week. A promising candidate for investors looking to get in on emerging Chinese companies, the biotech is hard at work with several checkpoint drugs, one of which it’s developing with partner Celgene $CELG. It plans to use the money for general purposes, including research and development.

Agios Pharmaceuticals $AGIO is hoping to raise a whopping $475 million in a public offering of its common stock. The company’s partner Celgene “has an interest” in purchasing $48 million of that offering, according to an SEC doc on the deal. Celgene first allied itself with Agios back in 2010, partnering on work in cancer metabolism. The duo won a landmark approval for new AML drug Idhifa last August. Agios now has big plans for the new chunk of cash from this offering. The company plans to use it to gain regulatory approval of its IDH1 inhibitor ivosidenib, and later to help fund its commercial launch. The money will also go towards multiple late-stage clinical trials, including combo studies with ivosidenib and chemotherapy.

→ The European Commission has approved a knockoff of Roche’s Avastin $RHHBY for use against various cancer types. Amgen $AMGN and Allergan $AGN won an OK on Mvasi, the first biosimilar of Avastin, one of Roche’s three big cancer drugs being eclipsed by copycats. The FDA approved Mvasi last fall.


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