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Amgen has struck a deal to buy 20.5% of BeiGene, a Chinese cancer drug company, for $2.7 billion—a 36% premium over BeiGene’s stock price when the deal was announced. BeiGene will commercialize three Amgen drugs in China, and the companies will share profits. The two will also work together to develop 20 new drug candidates from Amgen’s pipeline. BeiGene will commit up to $1.25 billion to the project.
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