Latham & Watkins Advises Amgen on $2.7B Investment and Strategic Collaboration with BeiGene to Expand Oncology Presence in China

Amgen announced that it has agreed to acquire a 20.5% stake in BeiGene for approximately $2.7 billion in cash and concurrently has entered into a strategic collaboration pursuant to which BeiGene will commercialize XGEVA®, KYPROLIS® and BLINCYTO® in China and advance 20 medicines from Amgen’s innovative oncology pipeline in China and globally.

Amgen (NASDAQ:AMGN) announced that it has agreed to acquire a 20.5% stake in BeiGene for approximately $2.7 billion in cash and concurrently has entered into a strategic collaboration pursuant to which BeiGene will commercialize XGEVA® (denosumab), KYPROLIS® (carfilzomib) and BLINCYTO® (blinatumomab) in China and advance 20 medicines from Amgen’s innovative oncology pipeline in China and globally. The Collaboration will significantly accelerate Amgen’s plans to expand its oncology presence in China, the world’s second-largest pharmaceutical market. BeiGene is a research-based, oncology-focused biotechnology company with an established and highly experienced team in China, including a 700-person commercial organization and a 600-person clinical development organization. The transaction is expected to close in early 2020 subject to BeiGene shareholder approval, the expiration or termination of waiting periods under all applicable antitrust laws, and satisfaction of other customary closing conditions.

Latham & Watkins LLP represents Amgen in the investment and collaboration. The cross-border team was led by New York/Orange County partner Charles Ruck, San Diego partner Steven Chinowsky and Shanghai partner Rowland Cheng, with assistance on the collaboration by San Diego counsel Darryl Steensma and New York counsel Eliot Choy with San Diego associate Brendan Haberle, and assistance on investment and corporate aspects by Orange County partner Daniel Rees with Orange County associates Nima Movahedi, Christopher Lee, and Madison Mapes and Shanghai associate Liyun Deng. Advice was also provided on local and regulatory issues by Hong Kong partner Terris Tang; on tax matters by Los Angeles partner Larry Stein with Los Angeles associate William Kessler; on CFIUS and export control matters by Washington, D.C. partner Les Carnegie; on HSR and global antitrust matters by Washington, D.C. partner Amanda Reeves and Washington, D.C. counsel Patrick English.

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