RE:RE:RE:RE:RE:RE:RE:RE:USA Inflation Reduction Act (IRA) 2022 Re: Biotech and ChinaAugust 03, 2023 - Another Big Pharma cuts ties with Chinese based pharma company BeiGene.
BMS and BeiGene agreed to end a China licensing deal that BeiGene signed with Celgene back in 2017 before its acquisition by Bristol, an August 1st securities filing shows. In the original deal, Celgene essentially sold its China business, including local rights to cancer drugs Revlimid, Abraxane and Vidaza.
https://www.fiercepharma.com/pharma/bristol-myers-beigene-end-legacy-celgene-deal-settlement-years-after-china-ban
https://ir.beigene.com/filings-financials/sec-filings//?shortDesc=Current%20report%20filing&format=html&secFilingId=d56286e2-92ca-4ece-ae24-4bcbd9fdcf40
Cracks started to form in the relationship in March 2020. At that time, Chinese authorities put Abraxane on an import and sales ban after spotting manufacturing problems at BMS' contractor Fresenius Kabi’s facility in Phoenix, when the facility in question was in Illinois. Because of the quality misstep, BeiGene was disqualified from a national procurement program and banned from participating for two years. BeiGene has recorded no Abraxane sales since then. One analyst, Andrew Berens, with SVB Leerink, suggest that the issue is competition between BMS’s checkpoint inhibitor Opdivo and BeiGene and Novartis’s tislelizumab.
https://www.biospace.com/article/bristol-myers-squibb-kills-china-abraxane-deal-with-beigene/