BeiGene, a global oncology company that opened a clinical R&D and manufacturing facility in Hopewell Township in July of this year, has announced its intention to change its name to BeOne Medicines Ltd.
In a statement issued in mid-November announcing the change, the company noted that the new name is a way of “confirming its commitment to develop innovative medicines to eliminate cancer by partnering with the global community to serve as many patients as possible.”
“Cancer, a leading cause of death worldwide, exacts an immense toll on individuals, families, and communities. Our focus is to not only bring innovative medicines to as many people as possible, but also to identify and address the challenges that impede access, making treatments more accessible and affordable,” said John V. Oyler, co-founder, chairman, and CEO at BeiGene.
“We have already helped more than 1.4 million patients, and with one of the most prolific oncology pipelines, this year we will bring more than 10 new potential medicines into the clinic,” he said. “I look forward to our next chapter of growth as BeOne.”
The company was founded in 2010 by Oyler, an American entrepreneur, and Chinese American biochemist Xiaodong Wang, with initial operations primarily in China. It went public in 2016 and has grown through partnerships with Celgene, Amgen, and Novartis. The global company now has headquarters in Beijing, China; Basel, Switzerland; and Cambridge, Massachusetts.
BeiGene now has nearly 11,000 employees worldwide and recently reported $1 billion in quarterly total revenue. It has advanced more than 20 molecules into the clinic and conducts clinical trials across Europe, North and South America, Australia, and Asia in more than 45 countries. “Its portfolio strategy emphasizes rapid generation of early-stage clinical proof-of-concept data enabled by its speed- and cost-advantaged approach to global clinical operations,” the name change announcement explains.
Among BeiGene’s success stories are zanubrutinib, sold under the brand name BRUKINSA, which is approved in more than 70 countries for the treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL). The product belongs to a class of drugs known as BTK (Bruton tyrosine kinase) inhibitors, which work by blocking an enzyme needed for the proliferation of abnormal cells associated with certain cancers.
In addition, the company is engaged in the solid tumor space with TEVIMBRA (tislelizumab), a PD-1 inhibitor that works by blocking a protein found on immune cells that prevents them from attacking cancer cells.
The company is currently listed on the Nasdaq stock exchange as BGNE; following shareholder approval of the name change its ticker will become ONC.
BeiGene, Princeton West Innovation Campus, 311 Pennington Rocky Hill Road, Pennington 08534. www.beigene.com.
