Global pharmaceutical groups are racking up impressive growth in China. The trend will continue — at least until domestic rivals emerge, writes rob_cyran.
Amgen will acquire a 20.5% stake in BeiGene in a deal that will enable the California-based biotechnology company to expand its presence in China, according to statements released by the companies on Oct. 31. Amgen said it will pay around $2.7 billion in cash, or $174.85 per BeiGene ADS, a 36% premium to the 30-day volume weighted average price.
In return, Beijing-based BeiGene has agreed to commercialize three Amgen cancer drugs in China. The two companies will also collaborate on development of Amgen's oncology pipeline. Sanofi said on Oct. 31 that sales in China grew 14% in the third quarter, compared to the same period last year, driven by pharmaceuticals and vaccines. On Oct. 29, Merck said revenue from China rose 84% over the same period.
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