Amgen is investing $2.7 billion in a Chinese drugmaker, BeiGene, giving it a 20.5 percent stake in the company, according to CNBC.
BeiGene, which manufactures molecularly targeted and immuno-oncology drugs to treat cancer, plans to commercialize some of Amgen's cancer drugs for the Chinese market. Amgen will work with BeiGene to develop 20 cancer drugs.
BeiGene is expected to spend as much as $1.25 billion on the development program, according to CNBC. Amgen will pay royalties to BeiGene on the sales of its drugs outside China, with the exception of Amgen's KRAS drug AMG 510.
The deal, expected to close early next year, comes as President Donald Trump has tried to steer U.S. companies away from investing in Chinese businesses as the trade war with China continues.
Read the full article here.
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Top 10 pharmacy stories in October
Maia Anderson - 17 hours ago Print | Email Edit this Article
Below are 10 of the top pharmacy stories published by Becker's Hospital Review in October, beginning with the most popular:
Walgreens to reduce number of in-store clinics
Walgreens plans to close its in-store health clinics to cut costs and will look to outside companies to provide medical services in its stores.
Merck to cut 500 US jobs
Citing a need to shift resources to different research and development projects, Merck said it will eliminate 500 U.S. jobs by Jan. 3.
Novant Health to open health clinics inside Walgreens
Novant Health, a 15-hospital system in Winston-Salem, N.C., will open retail health clinics inside several Walgreens pharmacies in the state.
Critical pediatric cancer drug shortage creating 'a nightmare'
A critical chemotherapy medication that serves is a primary treatment for most childhood cancers has become increasingly scarce.
Walgreens lays off employees at US headquarters
In an effort to cut costs, an undisclosed number of employees were laid off from Walgreens' corporate headquarters in Deerfield, Ill.
Walgreens to close all 17 healthcare clinics in Kansas City
Walgreens is shutting down all 17 of its healthcare clinics in Kansas City, Mo., at the end of the year.
Novant Health leaders talk Walgreens partnership goals for 2020
Novant Health's Oct. 1 announcement that it will open retail health clinics in several Walgreens pharmacies in North Carolina comes amid a stream of retailers taking on healthcare.
4,800 patients accounted for $2.1B in drug spend last year, study finds
The number of patients who need costly specialty drugs is sharply increasing.
Walgreens to open smaller locations focused on pharmacy, healthcare
Walgreens Boots Alliance plans to develop more than 30 "small store" pharmacies, mostly in big cities, that will focus less on retail and more on health and wellness.
Trump implies Big Pharma behind effort to impeach him
In a hourlong speech at a Florida retirement home Oct. 3, President Donald Trump implied that the pharmaceutical industry was behind impeachment proceedings against him.
More articles on pharmacy:
Novant Health leaders talk Walgreens partnership goals for 2020
Sanofi recalls heartburn drug over cancer risks
Centura Health opens retail pharmacy
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