“We are very pleased to announce our joint venture with the Guangzhou Development District. Biologics represent an important part of BeiGene’s overall R&D and manufacturing capabilities. This joint venture will enable BeiGene to keep pace with a growing demand for the development and use of biologics in China and global markets,” commented Xiaodong Wang, co-founder, director, and chairman of the Scientific Advisory Board of BeiGene.
John Oyler, co-founder, CEO and chairman of the Board of BeiGene, added, “It is our strategic priority to secure high-quality large-scale manufacturing capacity based on the increasing biologics opportunity we envision in China and global markets. We believe the joint venture will provide a valuable asset for our long-term growth.”
Under the terms of the agreement, the cash contributions to BeiGene Biologics consist of RMB 200 million ($30 million) from BeiGene and a total of RMB 1 billion ($150 million) from GDD, including cash in equity investment of the JV company and a shareholder loan, which may be convertible into equity of the JV. For additional funding, the manufacturing factory subsidiary of the BeiGene Biologics is expected to secure commercial loans of RMB 1 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 US, Australia and Taiwan, BeiGene is advancing a pipeline consisting of novel oral small molecules and monoclonal antibodies for cancer.
 "BeiGene & Guangzhou Development District to set up $ 330 mn biologics plant")