Celgene to Take Stake in Chinese Biotech Peer BeiGene
(Beijing) — U.S. biopharmaceutical company Celgene Corp. plans to acquire an equity stake in Chinese peer BeiGene Ltd. to help commercialize BeiGene’s solid-tumor cancer treatment in markets outside Asia.
Celgene plans to hold a 5.9% share in BeiGene for nearly $150 million and pay upfront licensing fees totaling $263 million. The Chinese biotechnology developer will be eligible to receive up to $980 million in development, regulatory and sales milestone payments, the companies said in a joint statement on Wednesday.
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