What is the primary impact of the termination of the agreement with Celgene?

The primary impact is that BeiGene (ONC) has regained full global development and commercialization rights to its investigational anti-PD-1 antibody, tislelizumab. This allows BeiGene to independently manage the global strategy for this key asset.

How much financial benefit does BeiGene receive from this termination?

BeiGene will receive $150 million from Celgene as part of the mutual termination agreement.

Does this termination affect BeiGene's other agreements with Celgene?

No, the License and Supply Agreement for ABRAXANE®, REVLIMID®, and VIDAZA® in China remains unchanged. BeiGene will continue to exclusively distribute and promote these products in China.

What other significant clinical updates were announced?

BeiGene announced clinical data updates for its BTK inhibitor, zanubrutinib, including results from the ASPEN trial in Waldenström’s Macroglobulinemia, and updated results for tislelizumab in relapsed/refractory classical Hodgkin lymphoma in China, both presented at the EHA Congress.

ONC/BEIGF 8-K: Material Agreements & Regulation FD

Summary

BeOne Medicines Ltd. (ONC), as filed on June 17, 2019, announced a significant strategic shift by mutually terminating its exclusive license and collaboration agreement with Celgene Corporation concerning the development and commercialization of tislelizumab for solid tumors outside of Asia. This termination, effective June 14, 2019, results in Celgene paying BeOne Medicines $150 million and BeOne Medicines regaining full global rights to tislelizumab. This move significantly enhances BeOne Medicines' control over its key pipeline asset, allowing for independent global development and commercialization strategies. In addition to the tislelizumab news, BeOne Medicines also provided updates on its clinical development programs. The company announced the presentation of clinical results for its BTK inhibitor, zanubrutinib, from the ASPEN trial in Waldenström’s Macroglobulinemia at the EHA Congress. Further, updated results for tislelizumab in relapsed/refractory classical Hodgkin lymphoma in China were also presented at the EHA Congress. The company will also be hosting a conference call on June 20, 2019, to discuss mid-2019 clinical data updates.

Key Highlights

1BeiGene (ONC) has regained full global development and commercialization rights for tislelizumab from Celgene.
2Celgene will pay BeiGene $150 million as part of the termination agreement.
3The termination impacts the development and commercialization of tislelizumab for solid tumors in the U.S., Europe, Japan, and other non-Asian territories.
4BeiGene retains its existing China-focused license and supply agreement with Celgene for ABRAXANE®, REVLIMID®, and VIDAZA®.
5Clinical data updates for zanubrutinib in Waldenström’s Macroglobulinemia were presented at the EHA Congress.
6Updated clinical results for tislelizumab in Chinese patients with relapsed/refractory classical Hodgkin lymphoma were also presented at the EHA Congress.
7BeiGene announced a conference call and webcast on June 20, 2019, to discuss mid-2019 clinical data updates.

BeOne Medicines Ltd. 8-K Report, Agreement Terminated (Jun 17, 2019)

Summary

Key Highlights

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