Summary
BeiGene, Ltd. (ONC) filed an 8-K on May 11, 2020, to report its first-quarter 2020 financial results and provide significant business updates. The company announced its Q1 2020 financial performance, which is detailed in an attached press release. This filing also addresses a critical development regarding its strategic partnership with Amgen Inc. The core issue highlighted is the postponement of its Extraordinary General Meeting (EGM), originally scheduled for May 14, 2020. The EGM was intended to seek shareholder approval for a direct purchase option with Amgen, allowing Amgen to subscribe for up to 75,000,000 ordinary shares to maintain approximately 20.6% ownership. The Hong Kong Stock Exchange (HKEx) has raised concerns that this option might not comply with its listing rules, despite the company's disagreement and appeal. BeiGene is awaiting a decision from the HKEx Listing Committee on May 20, 2020, and will provide an update thereafter.
Key Highlights
- 1BeiGene reported its financial results for the three months ended March 31, 2020.
- 2The company postponed its Extraordinary General Meeting (EGM) previously scheduled for May 14, 2020.
- 3The EGM was to seek shareholder approval for a direct purchase option allowing Amgen to subscribe for additional shares.
- 4The purpose of the Amgen option was to enable Amgen to increase and maintain its ownership at approximately 20.6% of BeiGene's outstanding share capital.
- 5The Hong Kong Stock Exchange (HKEx) expressed concerns that the Amgen direct purchase option may not comply with its listing rules.
- 6BeiGene disagrees with the HKEx's decision and has appealed to the HKEx Listing Committee.
- 7A hearing by the HKEx Listing Committee is scheduled for May 20, 2020, and BeiGene will provide an update post-decision.