Here's Why Beigene Stock Is Soaring Today
Shares of BeiGene (NASDAQ: BGNE), a biopharmaceutical company with a presence in the U.S. and China, are jumping in response to a new partnership with one of the world's largest biotech companies, Amgen (NASDAQ: AMGN). Investors looking forward to the deal have driven this Chinese biotech's stock price 34.1% higher as of 11:38 a.m. on Friday.
While most of us were perfecting our Halloween costumes, executives at Amgen and BeiGene were busy hammering out details of a deal that could prove incredibly important for both companies. Amgen will spend $2.7 billion on a 20.5% stake in BeiGene at $174.85 per share, which was a 36% premium to the stock's average price over the past 30 days.
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