Legend Biotech’s Upsized IPO Lands $424M for Multiple Myeloma Drug
Summary
Legend’s IPO is the biggest for a biotech company this year since cancer drug developer Revolution Medicines (NASDAQ: RVMD) raised $238 million in its stock market debut. Investor interest in Legend was robust following the release of additional data for its lead compound, JNJ-4528, an experimental cell therapy for the blood cancer multiple myeloma. A rival BCMA therapy from Bristol Myers Squibb (NYSE: BMY) and partner Bluebird Bio (NASDAQ: BLUE) was the first to be submitted to the FDA, but last month the regulator declined to review it and instead asked for more information. Legend says in its IPO filing that based on the results of that study, plus the data from earlier tests, applications could be submitted to US and European regulators in the second half of this year. Legend was formed in 2014 as a China-based subsidiary of GenScript, a New Jersey pharmaceutical industry services provider whose shares are publicly traded in Hong Kong.
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