Sullivan & Cromwell has advised Baker Bros. Advisors, LLC as the largest shareholder in BeiGene, Ltd., in connection with its subsidiary BeiGene (Hong Kong) Co., Ltd.’s definitive agreement and joint venture with Guangzhou Development District and its affiliate Guangzhou GET Technology Development Co., Ltd. to establish a state-of-the-art commercial-scale biologics manufacturing facility in Guangzhou, Guangdong Province, China.
Total direct investments are expected to be RMB2.2 billion ($330 million).
Under the terms of the agreement, the cash contributions to BeiGene Biologics (the JV Company) consist of RMB200 million ($30 million) from BeiGene HK and a total of RMB1 billion ($150 million) from GET, including cash in equity investment of the JV Company and a shareholder loan, which may be convertible into equity of the JV Company. For additional funding, the manufacturing factory subsidiary of the JV Company is expected to secure commercial loans of RMB1 billion ($150 million).
BeiGene is a global, clinical-stage, research-based biotechnology company focused on molecularly targeted and immuno-oncology cancer therapeutics. With a team of over 300 scientists, clinicians and staff in mainland China, the United States, Australia and Taiwan, BeiGene is advancing a pipeline consisting of novel oral small molecules and monoclonal antibodies for cancer.
Sullivan & Cromwellhas acted on the deal with a team led by Michael DeSombre (picture), along with Yeqing Zheng.
Law Firms: Sullivan & Cromwell;
Clients: Baker Bros. Advisors, LLC;