Legend Biotech slides after pricing equity offering

Genscript Biotech

16/12/2021 14:28

** Legend Biotech  LEGN.O  shares down 8% premarket after co
prices follow-on
    ** Hong Kong-listed Genscript Biotech  1548.HK  subsidiary
sells https://www.sec.gov/Archives/edgar/data/1801198/000119312521358617/d183440dfwp.htm
 7.5 mln American Depositary shares (ADSs) at $40 for $300 mln
gross raise
    ** LEGN's shares on Weds fell 15.2% to $41.14 after co
launched its offering amid report that U.S. will place more
investment and export blacklists on certain Chinese firms
 urn:newsml:reuters.com:*:nL1N2T008W  urn:newsml:reuters.com:*:nL1N2T01LV
    ** Co to use net offering proceeds to fund clinical
development of cancer drug cilta-cel, in its collaboration with
Johnson & Johnson  JNJ.N 
    ** On Mon, LEGN presented data at annual American Society of
Hematology (ASH) meeting that showed cilta-cel demonstrated 98%
overall response rate in early-stage study  urn:newsml:reuters.com:*:nBw90kTXDa
    ** Shares have gained 46% YTD through close on Weds    
    ** LEGN went public in June 2020 Nasdaq IPO priced at $23

 (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))