Legend Biotech (LEGN) has priced its IPO of
18,425,000 American Depositary Shares (ADSs) at $23, each representing
two ordinary shares. Gross proceeds should be ~$433.8M.
The Nanjing, China-based biopharmaceutical firm
develops cell therapies for cancer and other indications. Lead candidate
is LCAR-B38M (in China) for the potential treatment of multiple
myeloma. The asset is being developed ex-China by Johnson & Johnson
(NYSE:JNJ) unit Janssen Biotech as JNJ-4528.
2019 Financials: Revenue: $57.3M (+17%); Net Loss: ($133.0M) (-999%); Cash Flow Ops: ($83.1M) (-127%).
Trading commences today.
https://seekingalpha.com/news/3580756-legend-biotech-prices-ipo-trading-kicks-off-today
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