Deals
Amgen to Take $2.7 Billion Stake in BeiGene for China Growth
- U.S. drugmaker to buy 20.5% stake in the Chinese American firm
- Regulatory reforms in China helped the deal come together
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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 Wednesday. It will also take a seat on BeiGene’s board.