2023-04-19 10:32:27 ET
- Legend Biotech ( NASDAQ: LEGN ) extended pre-market gains in regulator trading on Wednesday after announcing a private placement with an institutional investor to sell as many as ~7.7M company shares.
- The transaction is part of a subscription agreement the company entered with the investor on Apr. 19, China-focused Legend ( LEGN ) said in a regulatory filing on Wednesday.
- The company added that the offer implying a par value of $0.0001 per ordinary share indicates a purchase price of $26.12 per ordinary share, equivalent to $52.24 per American Depositary Share.
- The disclosure follows sharp gains in LEGN stock in the pre-market after a leaked Phase 3 readout showed its Carvykti CAR-T cell therapy strongly outperformed standard treatment in bone marrow cancer multiple myeloma.
- Carvykti, a partnership between Legend ( LEGN ) and Johnson & Johnson ( JNJ ), generated $72M in sales in Q1 2023, including $2M outside the U.S.
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Legend Biotech announces private placement for ~7.7M shares