Legend Biotech drops on $250 mln stock offering plans

Genscript Biotech

25/07/2022 21:38

** Legend Biotech Corp's  LEGN.O  shares down ~7%
post-market as co looks to raise equity
    ** Immuno-oncology unit of Hong Kong-listed Genscript
Biotech  1548.HK  announces offering of $250 mln American
Depositary shares (ADSs)  urn:newsml:reuters.com:*:nBw97zqDZa
    ** Morgan Stanley, JP Morgan, Jefferies, Evercore and BMO
bookrunners for offering, which is slated to price Tues after
market close
    ** U.S. FDA in Feb approved Johnson & Johnson  JNJ.N  and
Legend's CAR-T therapy, Carvykti
    ** LEGN shares on Mon closed up 1.8% at $50.50, and have
gained ~29% in past three months
    ** Co has ~154.2 mln shares outstanding for ~$7.8 bln market
cap, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))