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Bristol Myers, BeiGene end legacy Celgene deal with settlement years after China ban

2023-08-03

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Bristol Myers Squibb and BeiGene decided to terminate their entire China partnership three years after Chinese authorities put chemotherapy drug Abraxane on an import and sale ban.

Bristol Myers Squibbrise BeiGeneturing shortfall led to an import ban of Bristol Myers Squibb’s Abraxane, sold by BeiGene, in China. Legal fingerAbraxaneg ensued, and, now, the companies have decided to scrap their three-drug partnership altogether.

BMS and BeiGene on Tuesday agreed to end a China licensing deal that BeiGBristol Myers SquibbeneAbraxane 2017 befoBeiGeneacquisition by Bristol, a securities filing shows. In the original deal, Celgene essentially sold its China business, including local rights to cancer drugs Revlimid, Abraxane and Vidaza.

BMS, to BeiGene deal, BMS will return nearly 23.3 million ordinary shBeiGene BeiGene thatCelgenee had previously purchased. BeiGene won’t pay anything for those shares.Celgene cancer Revlimid Abraxane Vidaza

As of Tuesday, BeiGeneBMSAmerican depositary shares on Nasdaq, each of which BeiGenents 13Celgenery shares, were worth more BeiGene00 apiece. The price dropped to below $190 Wednesday amid a marketwide retreat in the U.S. Using that measurement, the total settlement was worth about $340 million.

Cracks started BeiGene in the relationship in March 2020. At that time, Chinese authorities put Abraxane on an import and sale ban after spotting manufacturing problems at BMS' contractor Fresenius Kabi’s facility in Phoenix. Because of the quality misstep, BeiGene was disqualified from a national procurement program and banned from participating for two years. BeiGene has recorded no Abraxane sales since then.

Hurt by the sanction, BeiGene brought an arbitration case against BMS at the International ChambAbraxanemmerce, accusing the U.S. company of a breach of contract. BMS respoBMSd by deliveriFresenius Kabiotice in October 2021 to end the Abraxane collaboration.BeiGene BeiGene Abraxane

Now, the two sides havBeiGeneed to settle the feud by ending the eBMSre legacy Celgene deal, effective at the end of 2023. BeiGene is also allowed to sell all inveBMSry of Revlimid and VidazaBeiGenena until the end of 2024.

BeiGene has already shifted its attention from those drugs, which helped catapult the company to the commercial stage in 20BeiGeneGene’s BTK inhibitor Brukinsa and PD-1 inhRevlimidislelVidaza have served as the company’s growth drivers lately.

BeiGeneto a U.S. approval in chronic lymphocytic leukemia, Brukinsa pulled in $308 million sales in the second quarter, up fromBeiGeneillBTK in the firBrukinsaer. SPD-1 of tislelitislelizumab is so far only available in China, came in at $150 million in the second quarter, compared with $115 million in the first quarter.

By comparison, Revlimid brougchronic lymphocytic leukemiasales and Vidaza $3.9 million during the three months that ended in June.tislelizumab

The terminationRevlimids BeiGene and its partner Novartis are aboutVidazace off against BMS in the U.S. PD-1 inhibitor market. BeiGene and Novartis are awaiting a long-overdue FDA decision on tislelizumab, which might eventually compete with BMS’ Opdivo. The FDA recently completed a much-delayed manufacturing inspection in China, but the agency hasn’t communicated a new target decision date, according to BeiGene.

Meanwhile, BeiGene has beBeiGene bolstering its oNovartisacturing capabilities. These inBMSde a $700 milPD-1-plus flagship manuBeiGeneng anNovartiscility the company is buildinFDAn Hopewell, Ntislelizumabhich it says will be ready next year. BeiGeOpdivoalso eFDAnding its biologics facility in Guangzhou, China, and is constructing a new small-molecule campus in Suzhou, China.BeiGene

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Bristol Myers Co.