Amgen to Buy Stake in Chinese Cancer-Drugmaker BeiGene
October 31 2019 - 5:07PM
Dow Jones News
By Allison Prang
U.S. pharmaceutical company Amgen Inc. said it is buying a
roughly 20% stake in a Chinese biotechnology company focused on
oncology for $2.7 billion in cash.
In taking the stake, Amgen said Beijing-based BeiGene Ltd. is
going to commercialize certain Amgen treatments in China and will
split those earnings or losses.
BeiGene is going to commercialize three different Amgen
products: Xgeva, a prescription bone treatment; Kyprolis, a
treatment for myeloma; and Blincyto, a leukemia treatment. BeiGene
will ultimately get to keep one of those treatments, Amgen
said.
BeiGene is also going to work with Amgen on 20 of Amgen's
oncology medicines.
Amgen expects the deal to close early next year.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 31, 2019 16:52 ET (20:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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