Goldman Sachs: BeOne Medicines / BeiGene (ONC/688235.SS): 2026 Asia Leadership Conference Takeaways: RevMed Deal Reflects Deep Synergy
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Goldman Sachs' September 1, 2026 note on BeOne Medicines (formerly BeiGene) takeaways from its Asia leadership conference highlights three themes: the Revolution Medicines partnership as another deep-synergy deal, daraxonrasib's China registration path under discussion, and the US MFN agreement broadening Tevimbra access. The RevMed transaction spans clinical collaboration—combining RevMed's RAS(ON) inhibitors with BGB-58067 (MTA-cooperative PRMT5 inhibitor) and BG-T187 (EGFR x MET x MET trispecific antibody)—plus commercialization rights to four RAS(ON) inhibitors in certain Asian markets. Uniquely, BeOne funds and runs a global Phase III trial in lieu of an upfront payment, reflecting recognition of its clinical 'fast-lane' capability; dose exploration comes first, with a global Phase III earliest in 2H 2027. Daraxonrasib won FDA approval on August 26 as RASONQUE for 2L+ pancreatic cancer; since RASolute-302 enrolled no Chinese patients, BeOne is discussing with NMPA a possible waiver of bridging studies and accelerated approval, potentially enabling China approval in 2027. In solid tumors, five programs have proof of concept; the lead GPC3/4-1BB bispecific shows ~30% ORR in 2L+ liver cancer monotherapy, with a China conditional-approval path in 3L+ HCC and a global 2L HCC Phase III planned by end-2026. Goldman maintains Buy ratings with 12-month targets of US$441.3 (ADR) and Rmb381.06 (A-shares), based on risk-adjusted DCF plus a 57% A-share premium.