(Bloomberg) — Amgen Inc. will take a 20.5% stake in Chinese-American drug developer BeiGene Ltd under a deal to develop and commercialize about two dozen of Amgen’s on-market and experimental cancer drugs in China.Amgen will buy about $2.7 billion worth of Beijing and Cambridge, Massachusetts-based BeiGene’s shares. It has agreed to pay $174.85 per American depositary receipt, a 26% premium to where the U.S.-traded shares closed Wednesday. It will also take a seat on BeiGene’s board.Under the agreement, BeiGene will take over Chinese commercialization of three drugs used to treat cancer and its effects: Xgeva, which is already on the …read more
Source:: Yahoo Finance
