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.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 98,100+ biopharma pros reading Endpoints daily — and it's free.