Genscript jumps on expected gains from Legend Biotech deconsolidation

Genscript Biotech

22/10/2024 05:48

** Shares of life sciences research services group Genscript
Biotech  1548.HK  jump 13.7% to HK$13.42, on track for the
biggest one-day pct rise since Sept. 27 
    ** Stock hits highest level since Oct 9; second biggest pct
gainer in healthcare index  .HSCIH , which rises 1.1%
    ** Co says board has resolved to deconsolidate Legend
Biotech  LEGN.O  and its units, and will reclassify Legend as an
associate 
    ** Genscript expects significant amount of gain to be
recognised for year ending Dec. 2024 after deconsolidation, due
to large gap between the market value of Legend's shares and
carrying amount of its assets and liabilities 
    ** Hang Seng Commerce & Industry Index  .HSNC  adds 0.8% and
Hang Seng Index  .HSI  gains 0.5%
    ** Genscript stock down 33.4% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))