Chi­na's BeiGene now has $5B+ cash in its cof­fers. How's the Am­gen-part­nered biotech go­ing to spend it?

When Am­gen wa­gered $2.7 bil­lion to grab a 20.5% stake in BeiGene late last year, ex­ecs saw them­selves buy­ing in­to a “world-class op­er­a­tion” that would help them tap in­to the world’s most pop­u­lous coun­try and a grow­ing bio­phar­ma pow­er­house.

It turns out they were just get­ting start­ed.

Over the week­end, BeiGene $BGNE brought in a hefty $2.08 bil­lion — $421 mil­lion from Am­gen — through a di­rect of­fer­ing of its Nas­daq shares ex­clu­sive­ly in­volv­ing ex­ist­ing in­vestors. New York-based hedge fund Bak­er Bros. Ad­vi­sors al­so bought a chunk of new shares.

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