BeiGene Ltd. (Beijing, China) filed to raise up to $100 million in an IPO of ADSs on NASDAQ underwritten by Goldman Sachs; Morgan Stanley; Cowen; and Baird.
The company is running a Phase I study of BGB-3111, an oral Bruton's tyrosine kinase (Btk) inhibitor, to treat select lymphoid malignancies. It is also conducting Phase I studies, including one that began this month in China, of BGB-283, a small molecule, second-generation BRAF inhibitor to treat solid tumors.
In May, BeiGene raised RMB600 million ($96.6 million) in a venture round led by existing investors Hillhouse Capital and an undisclosed U.S. public investment fund. All of BeiGene's existing investors participated: undisclosed strategic and angel investors and CITIC PE. They were joined by new investors Fidelity; T. Rowe Price; Rock Springs Capital; and Boxer Capital of Tavistock Life SciencesBeiGene’s forthcoming plans include:
- Advancing its clinical stage pipeline. BeiGene has an open IND with the U.S. FDA for its BTK inhibitor, and the RAF inhibitor’s been approved for trial in China. BeiGene’s drugs have been tested in Australian and New Zealand in dose escalation studies, and seem to be doing well.
- BeiGene says it’s the only company to wholly own both a clinical stage BTK inhibitor and a PD-1 inhibitor, and plans to interweave its other monoclonal antibody therapies with the PD-1 to develop combination therapies.
- Many next-gen cancer therapies are not widely used in China. BeiGene plans to bring immunotherapy to China on a broader scale.