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BeiGene was founded in late 2010 by [[Xiaodong Wang (biochemist)|Xiaodong Wang]], a [[Chinese-American]] scientist, and John V. Oyler,<ref name=":0">{{Cite web|last=Loo|first=Daryl|date=2011-07-07|title=BeiGene Brings Biotech to China|url=https://www.bloomberg.com/news/articles/2011-07-07/beigene-brings-biotech-to-china|url-status=live|access-date=2020-08-04|website=Bloomberg}}</ref> an American entrepreneur who serves as the company's [[chief executive officer]] and chairman.<ref>{{Cite web|last=Lovelace|first=Berkeley, Jr|date=2019-10-31|title=Amgen takes 20% stake in Chinese biotech BeiGene for $2.7 billion|url=https://www.cnbc.com/2019/10/31/amgen-takes-20percent-stake-in-chinese-biotech-beigene-for-2point7-billion.html|url-status=live|access-date=2020-08-04|website=CNBC|language=en}}</ref> While many [[Medication|pharmaceutical drugs]] are manufactured in China, almost all early [[research and development]] for the drugs take place elsewhere. Wang and Oyler envisioned creating a [[biopharmaceutical]] company with strong ties to China to conduct research and development.<ref name=":0" /><ref>{{Cite web|last=Wright|first=Rob|date=2019-11-01|title=How — And Why — John Oyler Built BeiGene|url=https://www.lifescienceleader.com/doc/how-and-why-john-oyler-built-beigene-0001|url-status=live|access-date=2020-08-04|website=Life Science Leader}}</ref> They chose to focus specifically on [[Treatment of cancer|cancer treatment]].<ref name=":0" />
BeiGene was founded in late 2010 by [[Xiaodong Wang (biochemist)|Xiaodong Wang]], a [[Chinese-American]] scientist, and John V. Oyler,<ref name=":0">{{Cite web|last=Loo|first=Daryl|date=2011-07-07|title=BeiGene Brings Biotech to China|url=https://www.bloomberg.com/news/articles/2011-07-07/beigene-brings-biotech-to-china|url-status=live|access-date=2020-08-04|website=Bloomberg}}</ref> an American entrepreneur who serves as the company's [[chief executive officer]] and chairman.<ref>{{Cite web|last=Lovelace|first=Berkeley, Jr|date=2019-10-31|title=Amgen takes 20% stake in Chinese biotech BeiGene for $2.7 billion|url=https://www.cnbc.com/2019/10/31/amgen-takes-20percent-stake-in-chinese-biotech-beigene-for-2point7-billion.html|url-status=live|access-date=2020-08-04|website=CNBC|language=en}}</ref> While many [[Medication|pharmaceutical drugs]] are manufactured in China, almost all early [[research and development]] for the drugs take place elsewhere. Wang and Oyler envisioned creating a [[biopharmaceutical]] company with strong ties to China to conduct research and development.<ref name=":0" /><ref>{{Cite web|last=Wright|first=Rob|date=2019-11-01|title=How — And Why — John Oyler Built BeiGene|url=https://www.lifescienceleader.com/doc/how-and-why-john-oyler-built-beigene-0001|url-status=live|access-date=2020-08-04|website=Life Science Leader}}</ref> They chose to focus specifically on [[Treatment of cancer|cancer treatment]].<ref name=":0" />


By July 2011, they had recruited more than 60 Chinese scientists, including 20 who were US-educated. The founders provided part of the initial [[seed money]] and also received early backing from the American pharmaceutical company [[Merck & Co.]]<ref name=":0" /> BeiGene established offices at the [[Zhongguancun Life Science Park]] near the {{Interlanguage link|National Institute of Biological Sciences, Beijing|lt=National Institute of Biological Sciences, Beijing|zh|北京生命科學研究所}},<ref>{{Cite web|last=Yoffee|first=Lynn|date=2013-11-22|title=John Oyler Aims To Build China’s Genentech via Beigene|url=https://www.bioworld.com/articles/384456-john-oyler-aims-to-build-china-s-genentech-via-beigene?v=preview|url-status=live|access-date=2020-08-04|website=BioWorld|language=en}}</ref> where Wang serves as director.<ref name=":0" /> In the United States, BeiGene has offices in California, Massachusetts, and New Jersey.<ref>{{Cite news|last=Rana|first=Preetika|date=2019-06-16|title=China Biotechs Lure Industry Talent in the U.S.|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/china-biotechs-lure-industry-talent-in-the-u-s-11560690000|access-date=2020-08-04|issn=0099-9660}}</ref> The company has also established research locations in Australia and Europe.<ref>{{Cite web|last=Robbins|first=Rebecca|date=2019-02-13|title=For BeiGene, Bristol-Celgene deal is poised to have big ripple effects|url=https://www.statnews.com/2019/02/13/for-a-chinese-cancer-drug-developer-bristol-celgene-deal-is-poised-to-have-big-ripple-effects/|url-status=live|access-date=2020-08-04|website=STAT|language=en-US}}</ref>
By July 2011, they had recruited more than 60 Chinese scientists, including 20 who were US-educated. The founders provided part of the initial [[seed money]] and also received early backing from the American pharmaceutical company [[Merck & Co.]]<ref name=":0" /> BeiGene established offices at the [[Zhongguancun Life Science Park]] near the {{Interlanguage link|National Institute of Biological Sciences, Beijing|lt=National Institute of Biological Sciences, Beijing|zh|北京生命科學研究所}},<ref>{{Cite web|last=Yoffee|first=Lynn|date=2013-11-22|title=John Oyler Aims To Build China’s Genentech via Beigene|url=https://www.bioworld.com/articles/384456-john-oyler-aims-to-build-china-s-genentech-via-beigene?v=preview|url-status=live|access-date=2020-08-04|website=BioWorld|language=en}}</ref> where Wang serves as director.<ref name=":0" /> In the United States, BeiGene has offices in California, Massachusetts, and New Jersey.<ref>{{Cite news|last=Rana|first=Preetika|date=2019-06-16|title=China Biotechs Lure Industry Talent in the U.S.|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/china-biotechs-lure-industry-talent-in-the-u-s-11560690000|access-date=2020-08-04|issn=0099-9660}}</ref> The company has also established research locations in Australia and Europe.<ref name=":1">{{Cite web|last=Robbins|first=Rebecca|date=2019-02-13|title=For BeiGene, Bristol-Celgene deal is poised to have big ripple effects|url=https://www.statnews.com/2019/02/13/for-a-chinese-cancer-drug-developer-bristol-celgene-deal-is-poised-to-have-big-ripple-effects/|url-status=live|access-date=2020-08-04|website=STAT|language=en-US}}</ref>

On February 2, 2016, BeiGene had its first [[initial public offering]] (IPO) of 6.6 million shares priced at $24<ref>{{Cite news|date=2016-02-03|title=BeiGene raises $158.4 mln in second U.S. IPO to price in 2016|language=en|work=Reuters|url=https://www.reuters.com/article/beigene-ipo-idUSL2N15I049|access-date=2020-08-04}}</ref> on the [[Nasdaq|Nasdaq Stock Market]] under the [[ticker symbol]] BGNE.<ref name=":2">{{Cite news|last=Picker|first=Leslie|date=2016-02-03|title=Editas Medicine and BeiGene Gain in Market Debuts|language=en-US|work=The New York Times|url=https://www.nytimes.com/2016/02/04/business/dealbook/editas-medicine-and-beigene-gain-in-market-debuts.html|access-date=2020-08-04|issn=0362-4331}}</ref> The company raised $182 million<ref>{{Cite web|last=Ng|first=Eric|date=2020-07-13|title=BeiGene seals jumbo deal as US investors eye China’s pharma market|url=https://www.scmp.com/business/companies/article/3092962/beigene-once-target-short-sellers-attracts-jumbo-deal-amgen|url-status=live|access-date=2020-08-04|website=South China Morning Post|language=en}}</ref> which it planned to use for further research.<ref name=":2" /> The IPO, managed by [[Goldman Sachs]] and [[Morgan Stanley]], was backed by Hillhouse BGN Holdings and Baker Brothers, which together planned to purchase half the shares offered.<ref name=":2" /> In a [[follow-on offering]] in March 2018, Beigene raised an additional $758 million.<ref name=":2" /><ref>{{Cite news|last=Micklus|first=Amanda|date=2018-03-14|title=Deals In Depth: January 2018|work=In Vivo|publisher=[[Informa]]|url=https://invivo.pharmaintelligence.informa.com/IV005291/Deals-In-Depth-January-2018|url-status=live|access-date=2020-08-04}}</ref> In early August 2018, the company had another IPO when it offered a [[Cross listing|secondary listing]] of its shares on the [[Hong Kong Stock Exchange]], raising $903 million in the process.<ref>{{Cite news|last=Lau|first=Fiona|last2=Zhu|first2=Julie|date=2018-08-02|title=Chinese biotech BeiGene raises $903 million in HK's first secondary listing under new rules: sources|language=en|work=Reuters|url=https://www.reuters.com/article/us-beigene-listing-idUSKBN1KN0E1|url-status=live|access-date=2020-08-04}}</ref><ref>{{Cite web|last=Mukherjee|first=Sy|date=2019-11-14|title=China Biotech BeiGene Wins FDA Approval for Rare Blood Cancer Drug|url=https://fortune.com/2019/11/14/china-biotech-beigene-makes-a-splash-in-cancer-treatment-with-fda-approval/|url-status=live|access-date=2020-08-04|website=Fortune|language=en}}</ref>

In July 2017, BeiGene entered into a partnership with [[Celgene]] to continue the development and commercialization of the cancer drug BGB-A317, also known as [[tislelizumab]].<ref name=":1" /><ref>{{Cite news|last=Grover|first=Divya|last2=Pratap|first2=Bhanu|date=2017-07-06|title=Celgene signs deal with BeiGene for tumor cancer treatment|language=en|work=Reuters|url=https://www.reuters.com/article/us-beigene-stake-celgene-idUSKBN19R04J|url-status=live|access-date=2020-08-04}}</ref> The company also acquired Celgene's operations in China as well as the rights to commercialize [[Protein-bound paclitaxel|Abraxane]], [[Lenalidomide|Revlimid]] and [[Azacitidine|Vidaza]], Celgene's approved drugs in China. As part of the deal, Celgene made a $150 million equity investment in BeiGene and acquired the rights for the sale of tislelizumab overseas for $263 million, with another $980 million plus royalties contingent on future sales.<ref>{{Cite web|last=Hancock|first=Tom|last2=Xueqiao|first2=Wang|date=2017-11-23|title=Investors place bet on Chinese drugmakers|url=https://www.ft.com/content/30226ba4-c9ef-11e7-ab18-7a9fb7d6163e|url-status=live|access-date=2020-08-04|website=Financial Times}}</ref><ref>{{Cite web|last=Feuerstein|first=Adam|date=2017-07-06|title=Celgene now owns a checkpoint inhibitor for solid tumors, but is Beigene deal too late for cancer immunotherapy race?|url=https://www.statnews.com/2017/07/06/celgene-now-owns-checkpoint-inhibitor-solid-tumors-beigene-deal-late-cancer-immunotherapy-race/|url-status=live|access-date=2020-08-04|website=STAT|language=en-US}}</ref> However, a stipulation in the deal was that, if Celgene began working on a competitor drug, BeiGene could buy back the rights to tislelizumab. In January 2019, Celgene was acquired by [[Bristol-Myers Squibb]], which is developing a similar [[cancer immunotherapy]] drug, [[Nivolumab|Opdivo]], allowing BeiGene to reacquire its overseas rights to tislelizumab.<ref name=":1" /> Celgene returned the rights to the drug in June 2019 along with a payment of $150 million to conclude the deal.<ref>{{Cite web|last=Armstrong|first=Drew|date=2019-06-17|title=Celgene Hands Cancer Drug Back to BeiGene, Plus $150 Million|url=https://www.bloomberg.com/news/articles/2019-06-17/celgene-hands-cancer-drug-back-to-beigene-plus-150-million?sref=AhlHBrWD|url-status=live|access-date=2020-08-04|website=Bloomberg}}</ref>

In late 2019, [[Amgen|Amgen Inc.]] acquired 20.5% of BeiGene in a deal valued at $2.7 billion and gained a seat on the board of directors of BeiGene. In turn, BeiGene acquired the rights to commercialize three Amgen pharmaceuticals, [[Denosumab|Xgeva]], [[Carfilzomib|Kyprolis]], and [[Blinatumomab|Blincyto]], as well as 20 others in development, investing $1.25 billion towards their research.<ref>{{Cite web|last=Armstrong|first=Drew|last2=Lyu|first2=Dong|date=2019-10-31|title=Amgen to Take $2.7 Billion Stake in BeiGene for China Growth|url=https://www.bloomberg.com/news/articles/2019-10-31/amgen-to-take-2-7-billion-stake-in-beigene-for-china-expansion|url-status=live|access-date=2020-08-04|website=Bloomberg}}</ref><ref>{{Cite news|last=Beasley|first=Deena|date=2019-10-31|title=Amgen takes 20.5% stake in BeiGene to sell cancer drugs in China|language=en|work=Reuters|url=https://www.reuters.com/article/us-amgen-beigene-idUSKBN1XA2KA|url-status=live|access-date=2020-08-04}}</ref><ref>{{Cite news|last=Prang|first=Allison|last2=Hopkins|first2=Jared S.|date=2019-10-31|title=Amgen to Buy Stake in Chinese Cancer-Drugmaker BeiGene|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/amgen-to-buy-stake-in-chinese-cancer-drugmaker-beigene-11572554267|url-status=live|access-date=2020-08-04|issn=0099-9660}}</ref>


== References ==
== References ==

Revision as of 23:11, 4 August 2020

BeiGene
Company typePublic
Founded2010; 14 years ago (2010) in Beijing, China
Founder
Websitebeigene.com

BeiGene is a biotechnology company that specializes in the development of drugs for cancer treatment. Founded in Beijing in 2010 by Xiaodong Wang and chief executive officer John V. Oyler, the company has offices in China, the United States, Australia and Europe.

History

BeiGene was founded in late 2010 by Xiaodong Wang, a Chinese-American scientist, and John V. Oyler,[1] an American entrepreneur who serves as the company's chief executive officer and chairman.[2] While many pharmaceutical drugs are manufactured in China, almost all early research and development for the drugs take place elsewhere. Wang and Oyler envisioned creating a biopharmaceutical company with strong ties to China to conduct research and development.[1][3] They chose to focus specifically on cancer treatment.[1]

By July 2011, they had recruited more than 60 Chinese scientists, including 20 who were US-educated. The founders provided part of the initial seed money and also received early backing from the American pharmaceutical company Merck & Co.[1] BeiGene established offices at the Zhongguancun Life Science Park near the National Institute of Biological Sciences, Beijing [zh],[4] where Wang serves as director.[1] In the United States, BeiGene has offices in California, Massachusetts, and New Jersey.[5] The company has also established research locations in Australia and Europe.[6]

On February 2, 2016, BeiGene had its first initial public offering (IPO) of 6.6 million shares priced at $24[7] on the Nasdaq Stock Market under the ticker symbol BGNE.[8] The company raised $182 million[9] which it planned to use for further research.[8] The IPO, managed by Goldman Sachs and Morgan Stanley, was backed by Hillhouse BGN Holdings and Baker Brothers, which together planned to purchase half the shares offered.[8] In a follow-on offering in March 2018, Beigene raised an additional $758 million.[8][10] In early August 2018, the company had another IPO when it offered a secondary listing of its shares on the Hong Kong Stock Exchange, raising $903 million in the process.[11][12]

In July 2017, BeiGene entered into a partnership with Celgene to continue the development and commercialization of the cancer drug BGB-A317, also known as tislelizumab.[6][13] The company also acquired Celgene's operations in China as well as the rights to commercialize Abraxane, Revlimid and Vidaza, Celgene's approved drugs in China. As part of the deal, Celgene made a $150 million equity investment in BeiGene and acquired the rights for the sale of tislelizumab overseas for $263 million, with another $980 million plus royalties contingent on future sales.[14][15] However, a stipulation in the deal was that, if Celgene began working on a competitor drug, BeiGene could buy back the rights to tislelizumab. In January 2019, Celgene was acquired by Bristol-Myers Squibb, which is developing a similar cancer immunotherapy drug, Opdivo, allowing BeiGene to reacquire its overseas rights to tislelizumab.[6] Celgene returned the rights to the drug in June 2019 along with a payment of $150 million to conclude the deal.[16]

In late 2019, Amgen Inc. acquired 20.5% of BeiGene in a deal valued at $2.7 billion and gained a seat on the board of directors of BeiGene. In turn, BeiGene acquired the rights to commercialize three Amgen pharmaceuticals, Xgeva, Kyprolis, and Blincyto, as well as 20 others in development, investing $1.25 billion towards their research.[17][18][19]

References

  1. ^ a b c d e Loo, Daryl (2011-07-07). "BeiGene Brings Biotech to China". Bloomberg. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  2. ^ Lovelace, Berkeley, Jr (2019-10-31). "Amgen takes 20% stake in Chinese biotech BeiGene for $2.7 billion". CNBC. Retrieved 2020-08-04.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  3. ^ Wright, Rob (2019-11-01). "How — And Why — John Oyler Built BeiGene". Life Science Leader. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  4. ^ Yoffee, Lynn (2013-11-22). "John Oyler Aims To Build China's Genentech via Beigene". BioWorld. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  5. ^ Rana, Preetika (2019-06-16). "China Biotechs Lure Industry Talent in the U.S." Wall Street Journal. ISSN 0099-9660. Retrieved 2020-08-04.
  6. ^ a b c Robbins, Rebecca (2019-02-13). "For BeiGene, Bristol-Celgene deal is poised to have big ripple effects". STAT. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  7. ^ "BeiGene raises $158.4 mln in second U.S. IPO to price in 2016". Reuters. 2016-02-03. Retrieved 2020-08-04.
  8. ^ a b c d Picker, Leslie (2016-02-03). "Editas Medicine and BeiGene Gain in Market Debuts". The New York Times. ISSN 0362-4331. Retrieved 2020-08-04.
  9. ^ Ng, Eric (2020-07-13). "BeiGene seals jumbo deal as US investors eye China's pharma market". South China Morning Post. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Micklus, Amanda (2018-03-14). "Deals In Depth: January 2018". In Vivo. Informa. Retrieved 2020-08-04.{{cite news}}: CS1 maint: url-status (link)
  11. ^ Lau, Fiona; Zhu, Julie (2018-08-02). "Chinese biotech BeiGene raises $903 million in HK's first secondary listing under new rules: sources". Reuters. Retrieved 2020-08-04.{{cite news}}: CS1 maint: url-status (link)
  12. ^ Mukherjee, Sy (2019-11-14). "China Biotech BeiGene Wins FDA Approval for Rare Blood Cancer Drug". Fortune. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  13. ^ Grover, Divya; Pratap, Bhanu (2017-07-06). "Celgene signs deal with BeiGene for tumor cancer treatment". Reuters. Retrieved 2020-08-04.{{cite news}}: CS1 maint: url-status (link)
  14. ^ Hancock, Tom; Xueqiao, Wang (2017-11-23). "Investors place bet on Chinese drugmakers". Financial Times. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  15. ^ Feuerstein, Adam (2017-07-06). "Celgene now owns a checkpoint inhibitor for solid tumors, but is Beigene deal too late for cancer immunotherapy race?". STAT. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  16. ^ Armstrong, Drew (2019-06-17). "Celgene Hands Cancer Drug Back to BeiGene, Plus $150 Million". Bloomberg. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  17. ^ Armstrong, Drew; Lyu, Dong (2019-10-31). "Amgen to Take $2.7 Billion Stake in BeiGene for China Growth". Bloomberg. Retrieved 2020-08-04.{{cite web}}: CS1 maint: url-status (link)
  18. ^ Beasley, Deena (2019-10-31). "Amgen takes 20.5% stake in BeiGene to sell cancer drugs in China". Reuters. Retrieved 2020-08-04.{{cite news}}: CS1 maint: url-status (link)
  19. ^ Prang, Allison; Hopkins, Jared S. (2019-10-31). "Amgen to Buy Stake in Chinese Cancer-Drugmaker BeiGene". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-08-04.{{cite news}}: CS1 maint: url-status (link)
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