BeiGene Expects To Finish Construction At $700 Million New Jersey Site In 2024

BeiGene, a world biotech firm with places of work in China, Switzerland and Cambridge, Mass., expects to complete building of a $700 million funding website in Hopewell, New Jersey subsequent 12 months, the corporate mentioned in a press assertion on Tuesday.

BeiGene had focused a mid-2023 completion for what it calls the “Princeton West Innovation Campus” when the undertaking was introduced in Aug. 2021. It mentioned in Nov. 2021 that building of the preliminary part was anticipated to be completed in late-2023 or in 2024.

The power could have roughly 400,000 sq. toes of commercial-stage biologic pharmaceutical manufacturing house with the power so as to add 600,000 extra over time. It would even have late-stage analysis and medical growth capabilities, BeiGene mentioned.

“The progress we’re making in constructing our flagship U.S. biologics manufacturing and R&D facility on the Princeton West Innovation Campus is very vital to BeiGene as we proceed to develop our international enterprise by means of new approvals,” BeiGene CEO John Oyler mentioned within the assertion.

Oyler has a fortune value an estimated $1.4 billion on the Forbes Actual-Time Billionaires Checklist at this time.

BeiGene, which was based in 2010 as a analysis and growth agency, went public on the Nasdaq in 2016, listed in Hong Kong two years later, and has traded on the Shanghai Inventory Trade since 2021. The corporate, which is eighteen% owned by U.S. pharmaceutical provider Amgen, focuses on most cancers therapies.

Earlier than he cofounded BeiGene, Oyler helped begin after which promote two corporations within the U.S. and China. Telephia, a shopper telecom analysis agency Oyler based in 1997, was bought to The Nielsen Co. for $449 million in 2007. Oyler’s subsequent success got here with drug discovery outsourcing firm BioDuro, which he based in 2005 and bought to PPD Inc. for $77 million in 2010.

BeiGene’s Nasdaq-traded shares have gained 21% prior to now 12 months. They closed at $225.85 on Tuesday.

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