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PFE - IPO Update: Legend Biotech Proposes U.S. IPO Terms
Pfizer Inc.
Quick Take
Legend Biotech (LEGN) intends to raise $350 million in an IPO of its ADSs representing ordinary shares, per an amended registration statement.
The company is advancing a pipeline of treatments for diseases of the blood and for solid tumors.
LEGN has produced impressive results with its lead candidate in development with Janssen and has the potential for extremely large (above $1 billion) milestone payouts.
While there is some possibility for uncertainty with respect to its China-based operations, for life science investors with a patient hold time frame, the IPO may