Summary
Beigene, Ltd. (ONC) filed an 8-K on April 11, 2016, reporting on several key developments. The company has entered into a significant lease agreement for a 11,000 square meter facility in Suzhou, China, for research and manufacturing purposes. This facility is a crucial step in expanding BeiGene's operational capabilities. The lease terms indicate that Suzhou Industrial Park will cover a substantial portion of the rent for the initial five years, mitigating near-term financial obligations for BeiGene Suzhou.
Key Highlights
- 1BeiGene Suzhou entered into a 5-year lease agreement for an 11,000 sq meter research and manufacturing facility in Suzhou, China, commencing April 18, 2016.
- 2Suzhou Industrial Park will subsidize the majority of the rent for the first three years and 50% for the subsequent two years.
- 3The company amended its Deposit Agreement to modify voting provisions for ADR holders, changing voting from a show of hands to a poll.
- 4The amendment to the Deposit Agreement allows the Depositary to grant a discretionary proxy if voting instructions are not specified by ADR holders.
- 5Dr. Eric Hedrick was appointed as Interim Chief Medical Officer, succeeding Dr. RuiRong Yuan.
- 6Dr. Hedrick brings significant oncology development experience from previous roles at Epizyme and Pharmacyclics, notably contributing to the development of ibrutinib.
- 7The company issued a press release on April 11, 2016, announcing the change in Chief Medical Officer.