Celgene and BeiGene agree cancer partnership
Immuno-oncology deal sees firms exchange licensing rights for antibody drugs
US firm Celgene has partnered with Chinese biotech BeiGene to develop antibody cancer therapies. Celgene will pay $263 million (£204 million) in cash and buy $150 million in BeiGene shares (a 5.9% stake) to acquire rights to BeiGene’s investigational BGB-A317 antibody. The company will also pay up to $980 million in performance-based milestones, plus royalties on any eventual sales.