Legend Biotech gains as key shareholder to deconsolidate co

Genscript Biotech

22/10/2024 11:27

** Shares of cancer therapy maker Legend Biotech  LEGN.O  up
about 8% at $46.80 before the bell 
    ** Board of Genscript  1548.HK , a key shareholder of LEGN,
has "resolved to deconsolidate the Legend Group", the life
sciences firm said on Tuesday 
    ** Genscript said that after the deconsolidation, it will
account for its investment in LEGN using equity method 
    ** Genscript expects to recognize a one-time gain related to
the deconsolidation 
    ** As of Dec. 31, 2023, Genscript owned about 174.5 million
shares of LEGN 
  ** As of last close, LEGN down about 28% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))