BeiGene, an innovative Beijing biopharma, has out-licensed the ex-China rights for a second novel cancer treatment to Merck Serono. The terms of the latest deal exactly mirror the first. BeiGene retains China development and commercialization rights to a PARP inhibitor that it discovered, while Merck Serono will develop the drug in the rest of the world. BeiGene received an undisclosed upfront payment and is line to receive up to $232 million in development and commercial milestones. In addition, BeiGene will receive worldwide royalties on sales. In May, the two companies entered a similar deal for BeiGene’s second generation BRAF inhibitor.