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Stock Alert: BeiGene Hits New High

Shares of Chinese biotechnology company BeiGene, Ltd. (BGNE) are climbing more than 8% Monday morning to hit a new high of $215.85.

Sunday, the company priced the previously announced share offering of about 145.84 million shares at $14.2308 per share or $185 per American Depository share, which is 5.6% lower than its closing price on Friday.

The net proceeds of about $2.07 billion is intended to be used for working capital and general purposes.

The offering is expected to close by July 15, 2020.

BeiGene's blood cancer therapy, Brukinsa (Zanubrutinib) had won the FDA approval in November last year and became the first Chinese cancer treatment approved by the FDA.

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