Novartis hands rights to Tevimbra back to BeiGene
Sino-American biotech BeiGene (HKEX: 06160) today announced that it has entered into an agreement with Novartis (NOVN: VX) to regain worldwide rights to develop, manufacture, and commercialize Tevimbra (tislelizumab), for which the Swiss pharma giant paid $650 million upfront in 2021.
Despite an initial dip, BeiGene’s shares closed up 1.4% at 144.82 renminbi following the news.
Just a couple on months ago, Novartis also pulled out of its option agreement with BeiGene for global rights to develop, manufacture and commercialize the investigational TIGIT inhibitor ociperlimab.
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