03 January 2020 | News
Amgen Completes Purchase of Approximately $2.8 Billion of BeiGene Shares
BeiGene, a commercial-stage biopharmaceutical company focused on developing and commercializing innovative molecularly-targeted and immuno-oncology drugs for the treatment of cancer has announced that, following approval by its shareholders and satisfaction of other closing conditions, the global strategic oncology collaboration with Amgen, previously announced on October 31, 2019, has become effective and Amgen has completed its purchase of an approximately 20.5% equity stake in BeiGene.
Under the terms of the collaboration, BeiGene will assume responsibility for the commercialization and development in China of Amgen’s three oncology medicines, XGEVA® (denosumab), KYPROLIS® (carfilzomib), and BLINCYTO® (blinatumomab) that have been approved or filed in China.
BeiGene and Amgen will collaborate to advance 20 investigational oncology assets in Amgen’s pipeline, with BeiGene leading development and commercialization in China. Amgen purchased 15,895,001 of BeiGene’s American Depositary Shares (representing 206,635,013 ordinary shares) for approximately $2.8 billion in cash.
In addition, BeiGene has announced the election of Anthony C. Hooper, former Executive Vice President of Global Commercial Operations at Amgen, to its board of directors, effective today, pursuant to the terms of the share purchase agreement. Hooper joined Amgen in October 2011 as Executive Vice President of Global Commercial Operations, a role he held until August 2018, before his recent retirement.
Prior to joining Amgen, he spent more than 15 years at Bristol-Myers Squibb. His last role there was Senior Vice President, Global Commercial Operations and President of the company’s pharmaceutical business in the Americas, Japan and Intercontinental regions. Previously, Mr. Hooper was assistant vice president of Global Marketing for Wyeth Laboratories and led the international marketing group for Lederle International.
John V. Oyler, Chairman, Co-Founder and CEO of BeiGene said, “We are excited to begin delivering on this opportunity to help advance Amgen’s important oncology pipeline and portfolio for patients who may benefit around the world. Through this strategic collaboration with Amgen, we are also pleased to welcome Tony Hooper to our board of directors. Tony’s commitment to patients and his commercial experience with larger organizations will serve us well as BeiGene continues to grow and expand our commercial operations.”
“BeiGene is uniquely positioned to make a positive impact on both our industry and patients by developing new cancer medicines using a new global model enabled by the recent regulatory reforms in China. Having spent time with the BeiGene team, I’m impressed by their insights, ingenuity and commitment to delivering quality treatments to more people in need,” said Hooper.