Legend Biotech leaps after it prices IPO
Shares of Legend Biotech (Nasdaq: LEGN), a clinical stage CAR-T immuno-oncology biotech being spun out of Hong Kong-listed GenScript Biotech, leapt nearly 61% to $37 on Friday, after announced the pricing of its initial public offering of 18,425,000 American depositary shares (ADSs), each representing two ordinary shares, at a public offering price of $23.00 per ADS, for total gross proceeds of around $423.8 million.
In addition, Legend Biotech has granted the underwriters a 30-day option to purchase up to an additional 2,763,750 ADSs at the public offering price, less underwriting discounts and commissions. All of the ADSs are being offered by Legend Biotech.
The shares began trading on the Nasdaq Global Select Market on June 5, under the ticker symbol LEGN. The offering is expected to close on June 9, 2020, subject to customary closing conditions.
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