BeiGene Expects To Finish Construction At $700 Million New Jersey Site In 2024

BeiGene, a global biotech company with offices in China, Switzerland and Cambridge, Mass., expects to finish construction of a $700 million investment site in Hopewell, New Jersey next year, the company said in a press statement on Tuesday.

BeiGene had targeted a mid-2023 completion for what it calls the “Princeton West Innovation Campus” when the project was announced in Aug. 2021. It said in Nov. 2021 that construction of the initial phase was expected to be finished in late-2023 or in 2024.

The facility will have approximately 400,000 square feet of commercial-stage biologic pharmaceutical manufacturing space with the ability to add 600,000 more over time. It will also have late-stage research and clinical development capabilities, BeiGene said.

“The progress we are making in building our flagship U.S. biologics manufacturing and R&D facility at the Princeton West Innovation Campus is especially important to BeiGene as we continue to expand our global business through new approvals,” BeiGene CEO John Oyler said in the statement.

Oyler has a fortune worth an estimated $1.4 billion on the Forbes Real-Time Billionaires List today.

BeiGene, which was founded in 2010 as a research and development firm, went public on the Nasdaq in 2016, listed in Hong Kong two years later, and has traded at the Shanghai Stock Exchange since 2021. The company, which is 18% owned by U.S. pharmaceutical supplier Amgen, focuses on cancer treatments.

Before he cofounded BeiGene, Oyler helped start and then sell two companies in the U.S. and China. Telephia, a consumer telecom research firm Oyler founded in 1997, was sold to The Nielsen Co. for $449 million in 2007. Oyler’s next success came with drug discovery outsourcing company BioDuro, which he founded in 2005 and sold to PPD Inc. for $77 million in 2010.

BeiGene’s Nasdaq-traded shares have gained 21% in the past year. They closed at $225.85 on Tuesday.

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