经济观察报·2025-08-27 15:16Core Viewpoint - The recent BD transaction by BeiGene is perceived as weak in attractiveness for investors, as it does not create value but is akin to a debt financing operation [1][10]. Group 1: Transaction Details - BeiGene announced the sale of partial royalty rights for a cancer drug for up to $950 million, with an upfront payment of $885 million [2][3]. - The upfront payment represents 36% of BeiGene's revenue for the first half of the year [3]. - The drug involved, Talazoparib, is set to launch in the U.S. in May 2024 for small cell lung cancer treatment [5]. Group 2: Financial Implications - The transaction is expected to enhance BeiGene's balance sheet stability and provide a steady cash flow, which is a critical goal for the company [10]. - As of June 30, 2025, BeiGene had approximately $2.8 billion in cash, a decrease of $170 million year-over-year, with liabilities around $2.5 billion [11]. Group 3: Market Reaction and Comparisons - Following the announcement, BeiGene's stock price declined alongside the broader innovative drug sector, contrasting with other companies that saw stock price increases after similar transactions [3][9]. - The transaction structure is unique as it only involves the sale of royalty rights, differing from typical BD transactions that include upfront payments, milestone payments, and royalties over the drug's lifecycle [9]. Group 4: Future Outlook - Royalty Pharma, the buyer, anticipates a return on investment of 10%-15% from this transaction, with projected total sales of Talazoparib estimated at $19.6 billion from 2025 to 2035 [4][7]. - The deal is seen as a significant move for BeiGene, marking its first drug rights sale in four years, and it sets a precedent in the Chinese innovative drug industry [3][10].