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Chinese Biotech BeiGene Makes a Splash in Cancer Treatment With FDA Drug Approval

Chinese Biotech BeiGene Makes a Splash in Cancer Treatment With FDA Drug Approval

This is the web version of Brainstorm Health Daily, Fortune’s daily newsletter on the top health care news. To get it delivered daily to your in-box, sign up here.

The Food and Drug Administration (FDA) on Thursday approved BeiGene’s Brukinsa, a treatment for the rare blood cancer mantle cell lymphoma (MCL). The immunotherapy drug is approved for adult patients who have been treated with at least one other medicine.

From a business perspective, it’s big news for BeiGene—the China-based biotech that’s one of the pioneers in that country’s biopharma Renaissance. New stock exchange rules in Hong Kong have helped fledgling biotechs in China raise capital; BeiGene, for its part, had a nearly $160 million U.S. public offering in 2016 and then a $903 million secondary Hong Kong IPO in 2018.

American companies have taken notice. In October, Amgen took a 20.5% stake in BeiGene. It may be feeling good about that bet right about now.

Read on for the day’s news.

Sy Mukherjee
sayak.mukherjee@fortune.com
@the_sy_guy

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