Celgene Eyes IO Growth With BeiGene China Pact
Celgene splashes $150m to buy a stake in BeiGene of China and $263m upfront to get rights to a PD-1 antibody that could catapult the US firmly up the immuno-oncology ladder.
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The Chinese firm regains all rights to tislelizumab ahead of the closing of Celgene’s merger with Bristol-Myers Squibb. BeiGene also forms cancer JV with US biotech SpringWorks.
Highlights from the past year's financings include BeiGene's $800m follow-on offering in the US and $903m Hong Kong IPO, Moderna's $560m Series G round and $604m IPO, and Allogene's $300m Series A and $373m IPO.
Bristol's surprising purchase diversifies its portfolio beyond Opdivo, while stopping Celgene's ongoing stock price declines after several setbacks. While Bristol execs downplayed the mid-term risk of generics for Celgene's blockbuster Revlimid, they highlighted near- and long-term growth drivers.