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BeiGene BGNE secures lucrative deal with Celgene CELG - shares surge 27%

Price and Volume Movers

Celgene Corporation (NASDAQ:CELG) and BeiGene, Ltd. (NASDAQ:BGNE) announced Wednesday night that they have entered into a partnership for the development of BeiGene’s PD-1 inhibitor, BGB-A317, for patients with solid tumor cancers in the United States, Europe, Japan and rest of world outside Asia. BeiGene will receive upfront $263m and Celgene will purchase 32.7m shares (5.9% of the company) at $59.55 per its American Depositary Shares (ADS). BeiGene is eligible to receive up to $980 million in development, regulatory and sales milestone payments and royalties on future sales of BGB-A317. Shares of BeiGene surged to close up 27% to...