BeiGene Ltd. (NASDAQ: BGNE), which entered the market back in February, has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. The company is offering 4.33 million American depositary shares (ADSs) at the price of $36.90 apiece. Each ADS represents 13 ordinary shares. Including the overallotment option, the offering is valued up to $201.25 million.
The underwriters for this offering are Morgan Stanley, Goldman Sachs and Cowen.
This globally focused biopharmaceutical company is dedicated to becoming a leader in the discovery and development of innovative, molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene believes the next generation of cancer treatment will utilize therapeutics both as monotherapies and in combination to attack multiple underlying mechanisms of cancer cell growth and survival. The company further believes that discovery of next-generation cancer therapies requires new research tools. To that end, it has developed a proprietary cancer biology platform that addresses the importance of tumor-immune system interactions and the value of primary biopsies in developing new models to support its drug discovery effort.
The company’s strategy is to advance a pipeline of drug candidates with the potential to be best-in-class monotherapies and also important components of multiple-agent combination regimens. Over the past five years, using its cancer biology platform, BeiGene has developed clinical-stage drug candidates that inhibit the important oncology targets Bruton’s tyrosine kinase, RAF dimer protein complex and PARP family of proteins, and an immuno-oncology agent that inhibits the immune checkpoint protein receptor PD-1.
The company intends to use the net proceeds from this offering to further develop its pipeline, with the remainder going toward general corporate purposes.
In the most recent earnings report, cash, cash equivalents and short-term investments totaled $203.62 million.
Shares of BeiGene were trading down more than 11% at $32.71 on Thursday, with a consensus analyst price target of $40.50 and a post-IPO trading range of $22.51 to $37.89.