Legend Biotech Sets IPO at 18.4 Million ADSs; Sees Pricing at $18-$20

Legend Biotech Corp., a clinical-stage biopharmaceutical company majority-owned by China’s Genscript Biotech Corp., Friday said it expects to sell about 18.4 million American depositary shares at $18 to $20 each in its U.S. initial public offering.
At the $19 midpoint of the range, the Somerset, N.J., company said it expects net proceeds of about $321.9 million, or roughly $370.7 million if the underwriters exercise their option to buy an additional 2.76 million ADSs.
Legend said it will use the proceeds to fund clinical development of LCAR-B38M/JNJ-4528, its lead product candidate, which it is jointly developing with Johnson & Johnson’s Janssen Biotech Inc. unit for the treatment of the blood cancer multiple myeloma.
The company said it will also fund construction of its manufacturing facilities.
Legend said it has applied to list the ADSs on the Nasdaq Global Market under the symbol LEGN.
Genscript, which currently owns a nearly 77% stake in Legend, will still hold a roughly 66% interest after the IPO and a concurrent purchase of $12 million in Legend stock in a private placement, according to a filing with the Securities and Exchange Commission.
https://www.marketscreener.com/GENSCRIPT-BIOTECH-CORPORA-25502710/news/Legend-Biotech-Sets-IPO-at-18-4-Million-ADSs-Sees-Pricing-at-18-20-Each-30693857/