Legend Biotech Sets IPO at 18.4 Million ADSs; Sees Pricing at $18-$20 Each
May 29 2020 - 10:17AM
Dow Jones News
By Colin Kellaher
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.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 29, 2020 10:02 ET (14:02 GMT)
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