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BeiGene’s Breakup with Celgene/BMS Now Complete with Return of BeiGene Shares

publication date: Aug 8, 2023

Beijing’s BeiGene and Bristol-Myers Squibb have formally completed the breakup of the BeiGene-Celgene partnership, returning 23.3 million ordinary BeiGene shares to BeiGene, worth about $340 million. In 2017, the two companies announced a $1.4 billion cooperation agreement that sent ex-Asia rights for BeiGene’s PD-1 to Celgene, while BeiGene acquired marketing rights to three Celgene products in China. In 2020, Chinese authorities banned BeiGene-Celgene’s Abraxane because of manufacturing errors. BeiGene hasn’t sold the drug since then. Soon after the 2017 deal, Celgene was acquired by BMS, which already had a blockbuster PD-1, Opdivio. BMS returned the PD-1 rights to BeiGene along with a $150 million termination payment. More details....

Stock Symbols: (NSDQ: BGNE; HK: 06160; SHA: 688235)

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