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Celgene to buy BeiGene stake, to develop tumor cancer treatment

Biopharmaceutical company Celgene Corp will buy a stake in BeiGene Ltd and help develop and commercialize BeiGene's investigational treatment for tumor cancers, the companies said on Wednesday.

Celgene will acquire 32.7 million, or 5.9 percent of BeiGene's ordinary shares, at $4.58 each, or $59.55 per BeiGene's American Depositary Shares (ADS), they said in a statement.

BeiGene will receive $263 million in upfront...