Actually, BeiGene is happy about the Celgene situation

Last month, on the day Bristol-Myers Squibb said it planned to buy Celgene, Chinese biotech BeiGene lost about 10 percent of its value. That’s because Celgene was partnered on the company’s in-development PD-1 cancer therapy, and Bristol-Myers happened to own the famed PD-1 drug Opdivo, suggesting that BeiGene would find itself out in the cold once the merger took place.

But John Oyler, BeiGene’s CEO, argues that his firm is coming out ahead in the deal. Assuming Celgene does indeed relinquish its rights to the drug, BeiGene will stand to reap the entirety of its future revenue.

“I was asked if I did backflips of excitement when I heard about the deal — the answer is no, I’ve never been able to do a backflip — but I did jump out of bed, literally,” Oyler told STAT.

But not everyone agrees, as the market reaction suggests. And, as one analyst pointed out, saying goodbye to Celgene could lower the odds of success for BeiGene’s other therapies.

Read more.