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By Allison Prang
U.S. pharmaceutical company Amgen Inc. said it is buying a roughly 20% stake in a Chinese biotechnology company focused on oncology for $2.7 billion in cash.
In taking the stake, Amgen said Beijing-based BeiGene Ltd. is going to commercialize certain Amgen treatments in China and will split those earnings or losses.
BeiGene is going to commercialize three different Amgen products: Xgeva, a prescription bone treatment; Kyprolis, a treatment for myeloma; and Blincyto, a leukemia treatment. BeiGene will ultimately get to keep one of those treatments, Amgen said.
BeiGene is also going to work with Amgen on 20 of Amgen's oncology medicines.
Amgen expects the deal to close early next year.
Write to Allison Prang at firstname.lastname@example.org
(END) Dow Jones Newswires
October 31, 2019 16:52 ET (20:52 GMT)
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