Legend Biotech prices upsized $350 mln equity offering

Genscript Biotech

27/07/2022 12:26

** Shares of Legend Biotech Corp  LEGN.O  up ~1% premarket
after co raises more equity than planned
    ** Subsidiary of Hong Kong-listed Genscript Biotech
 1548.HK  sells 8.14 mln American Depositary shares (ADSs) at
$43  urn:newsml:reuters.com:*:nBw32wyrCa
    ** LEGN on Tues fell 13.9% to $43.49 after co launched $250
mln offering
    ** Morgan Stanley, JP Morgan, Jefferies, Evercore and BMO
acted as bookrunners
    ** Legend last week announced preliminary Q2 sales for
Carvykti, its CAR-T multiple myeloma drug, of $24 mln
    ** U.S. and European regulators earlier this year approved
Johnson & Johnson  JNJ.N  and Legend's Carvykti
    ** LEGN off 6.7% YTD after notching record high close of
$57.10 on Jul 5
    ** Co has ~$6.7 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))