Amgen to Take $2.7 Billion Stake in BeiGene for China Growth (4)

Amgen Inc. will take a 20.5% stake in Chinese-American drug developer BeiGene Ltd. under a deal to develop and commercialize about two dozen of Amgen’s on-market and experimental cancer drugs in China.

Amgen will buy about $2.7 billion worth of Beijing and Cambridge, Massachusetts-based BeiGene’s shares. It has agreed to pay $174.85 per American depositary receipt, a 26% premium to where the U.S.-traded shares closed Oct. 30. It will also take a seat on BeiGene’s board.

BeiGene’s shares rose 32%, the most on record, in Hong Kong on Nov. 1. The ADRs rose 27% in post-market trading in New York ...