On July 15, 2017, BeiGene and Celgene announced a global strategic oncology collaboration to help with the development of cancer treatments. The two companies plan to develop and commercialize BeiGene’s investigational anti-programmed cell death protein 1 (PD-1) inhibitor, BGB-A317, for patients with solid tumor cancers.

At the time of the announcement, BeiGene noted that the strategic partnership transitioned it into a commercial-stage company and prepared it to potentially launch internally developed compounds, including those already in clinic trials.

BeiGene is a global, clinical-stage, research-based biotechnology company focused on molecularly targeted and immuno-oncology cancer therapeutics. Hillhouse first invested in BeiGene in its 2014 A-series fundraising round. The company later listed on the NYSE in 2016 in an IPO that raised $158 million.

The transactions have been approved by the boards of directors of Celgene and BeiGene. The companies expected to complete the transaction during the third quarter of 2017, subject to normal approvals.