New Jersey-based drugmaker Celgene Corp. agreed to buy a stake in Chinese biotechnology company BeiGene Ltd. as the two companies collaborate on developing an experimental cancer therapy.
The deal allows BeiGene to receive $263 million in upfront license fees and a $150 million equity investment, the two companies said in a statement.
BeiGene will also acquire Celgene’s commercial operations in China, and it is also entitled to receive as much as $980 million in milestone payments on future sales of the experimental therapy, called BGB-A317.
Celgene will acquire the stake by buying 32.7 million, or 5.9 percent, of BeiGene’s ordinary ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.