The town of Hopewell, New Jersey, faced economic challenges when Bristol-Myers Squibb announced its departure in 2016, taking jobs and tax revenue with it. However, the town attracted new biotech firms, including BeiGene, which agreed to invest $800 million in a new facility in the area. Led by CEO John Oyler, BeiGene focuses on cancer research and is part of the growing market for cancer drugs, which is expected to reach $272 billion by 2030. Oyler has bet his fortune on fighting cancer and has seen success with his previous companies, including Telephia and BioDuro.
Oyler’s interest in science and entrepreneurism began in high school and led him to MIT, where he started and sold companies in the U.S. and China. He co-founded BeiGene with Xiaodong Wang, with investments from Merck, and later received backing from Amgen. The company went public in the U.S. and Hong Kong, and has seen success with its drugs Brukinsa and tislelizumab. BeiGene’s revenue has grown, and it has plans for expansion in the U.S. and globally.
BeiGene’s decision to expand in New Jersey has been a positive development for the state, creating jobs and revenue for the community. The town of Hopewell worked to attract BeiGene by highlighting the area’s assets and expediting the construction process. Oyler emphasizes the importance of global collaboration to fight cancer and believes that remote work and a distributed team are crucial in the pharmaceutical industry.
Despite complex U.S.-China politics, BeiGene has not faced any direct impact on its operations. The company remains focused on its mission to fight cancer and bring affordable medicine to patients worldwide. With projections for continued growth and success, both BeiGene and the town of Hopewell are optimistic about the future and the positive impact they can have on cancer treatment and research.
