CAMBRIDGE, Mass. and BEIJING, China, June 17, 2019 (GLOBE NEWSWIRE) — BeiGene, Ltd. (NASDAQ: BGNE); HKEX: 06160), a commercially staged biopharmaceutical company focused on the development and commercialization of innovative molecule and immuno-oncology drugs to treat cancer, it announced today that it has reached a mutual agreement with Celgene Corporation to end global cooperation between the parties for tislelizumab, the anti-PD-1 antibody of the BeiGenes study, in the run-up to Bristol-Myers` imminent acquisition of Celgene. As part of the termination, Celgene agreed to pay $150 million to BeiGene. The cooperation was announced on 5 July 2017. As part of these agreements, BeiGene took over Celgene`s commercial operations in China and took commercial responsibility for Celgene`s therapies in China (Abraxane®, Revlimid® and Vidaza®) and the CC-122 pipeline agent. Celgene has been granted exclusive rights to develop and commercializeGene BGB-A317`s anti-PD1 antibody for solid tumors in the United States, Europe, Japan and the rest of the world outside Asia. BeiGene retains rights to BGB-A317 for solid tumors in Asia (excluding Japan) and for hematological malignancies and internal combinations of BeiGene worldwide. BeiGene receives a total of $413 million from Celgene in licensing fees and prior participation fees and can receive up to $980 million for development, regulatory and distribution projects as well as royalties on future sales of BGB-A317.
But in a report filed yesterday with the SEC, BeiGene said the two companies canceled the deal. “Celgene will pay BeiGene $150 million [134 million euros] and BeiGene will reclaim the full global development and marketing rights for tislélizumab,” the company said. Celgene Corporation, based in Summit, New Jersey, is an integrated biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases with next-generation solutions in protein hemoostasis, immuno-oncology, epigenetics, immunology and neuroinflammation. For more information, see www.celgene.com. Follow Celgene on social networks: @Celgene, Pinterest, LinkedIn, Facebook and YouTube. As part of the 2017 agreement, BeiGene acquired Celgene`s business operations in China and a license for the Celgen cancer barn in China: Abraxane, Revlimid and Vidaza. The Celgene-BMS merger will not affect this side of the agreement, BeiGene said in the statement. In July 2017, BeiGene and Celgene announced global strategic cooperation in which Celgene has secured exclusive rights to develop and commercialize tislélizumab in solid tumor cancers in the United States, Europe, Japan and the rest of Asia. BeiGene has retained rights to hematological indications worldwide and solid tumour cancers in Asia (formerly Japan).
As part of this agreement, BeiGene also acquired Celgene`s business operations in China and an exclusive license for Celgene`s commercial portfolio in China (ABRAXANE®, REVLIMID®, VIDAZA®). Celgene`s commercial license is not affected by the termination of the Tislelizumab contract. In the nearly two years since the transaction, BeiGene has expanded its business organization in China to more than 600 employees. BeiGene made a name for itself in the summer of 2017 by writing this unusual deal with Celgene. As part of the agreement, Celgene invested $150 million in BeiGene and transferred its Chinese business to Chinese biotechnology, including the rights to commercialized drugs such as Revlimid.