Legend Biotech Corporation Announces Pricing of Registered Direct Offering of $350 Million of American Depositary Shares
May 08 2023 - 8:30AM
Business Wire
Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”), a
global biotechnology company developing, manufacturing and
commercializing novel therapies to treat life-threatening diseases,
today announced that it has agreed to sell 5,468,750 American
Depositary Shares (“ADSs”), each representing two ordinary shares
of the Company, at a price of $64.00 per ADS, in a registered
direct offering. The gross proceeds of the offering are expected to
be approximately $350 million, before offering expenses, which
together with the Company’s existing cash and cash equivalents,
will enable the Company to fund its planned operating expenses and
capital expenditures through the fourth quarter of 2025. All ADSs
to be sold in the offering will be sold by Legend Biotech. The
offering is expected to close on or about May 10, 2023, subject to
customary closing conditions.
The ADSs are being offered pursuant to an effective shelf
registration statement that was previously filed with the
Securities and Exchange Commission (“SEC”). The securities may be
offered only by means of a prospectus. A final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. A copy of
the final prospectus supplement can be obtained, when available, by
contacting us at 2101 Cottontail Lane, Somerset, NJ 08873 USA.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Legend Biotech
Legend Biotech is a global biotechnology company dedicated to
treating, and one day curing, life-threatening diseases.
Headquartered in Somerset, New Jersey, we are developing advanced
cell therapies across a diverse array of technology platforms,
including autologous and allogeneic chimeric antigen receptor
T-cell and natural killer (NK) cell-based immunotherapy. From our
three R&D sites around the world, we apply these innovative
technologies to pursue the discovery of cutting-edge therapeutics
for patients worldwide.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the closing of the
offering and the Company’s ability to fund its planned operating
expenses and capital expenditures through the fourth quarter of
2025. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “target,” “will,” “would” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors, including: uncertainties related to
market conditions and the completion of the offering (which may
cause the offering to not be completed on the anticipated terms or
at all), and the other factors discussed in the “Risk Factors”
section of Legend Biotech’s Annual Report on Form 20-F for the year
ended December 31, 2022 filed with the SEC on March 30, 2023 as
well as in Legend Biotech’s other filings with the SEC. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in this press release as
anticipated, believed, estimated or expected. Any forward-looking
statements contained in this press release speak only as of the
date hereof, and Legend Biotech specifically disclaims any
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise. Readers
should not rely upon the information in this press release as
current or accurate after its publication date.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005250/en/
Investor Contacts: Joanne Choi, Senior Manager, Investor
Relations, Legend Biotech joanne.choi@legendbiotech.com
Crystal Chen, Manager, Investor Relations, Legend Biotech
crystal.chen@legendbiotech.com
Press Contact: Tina Carter, Corporate Communications
Lead, Legend Biotech tina.carter@legendbiotech.com (908)
331-5025
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