After Bristol-Myers Squibb (BMY) announced an agreement to acquire Celgene (CELG), Maxim analyst Jason McCarthy noted that BeiGene (BGNE) shares have been under pressure, which he attributes to questions around Celgene's partnership with the company for tislelizumab. Assuming the transaction closes, he sees two potential scenarios: either Bristol-Myers ends the partnership and BeiGene regains global rights to tislelizumab or Bristol maintains the partnership as it could potentially want a second PD1 in its checkpoint portfolio to target indications not addressed by Opdivo. He sees the first scenario, that Bristol ends the deal, as most likely, but in that case McCarthy argues that BeiGene would be positioned "to get an even better deal" than it got with Celgene as tislelizumab is now in ten ongoing pivotal trials, nine of which BeiGene is already running, and is closer to an approval or approvals. The analyst, who sees the negativity in the stock on today's news as a buying opportunity and believes BeiGene shares should be up, not down, keeps a Buy rating and $170 price target on the stock.