Legend Biotech, a clinical stage CAR-T immuno-oncology biotech being spun out of GenScript, announced terms for its IPO on Friday. The company plans to raise an additional $12 million in a concurrent private placement to GenScript.
The Somerset, NJ-based company plans to raise $350 million by offering 18.4 million ADSs at a price range of $18 to $20. At the midpoint of the proposed range, Legend Biotech would command a fully diluted market value of $2.6 billion.
Legend Biotech was founded in 2014 and booked $59 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol LEGN. Morgan Stanley, J.P. Morgan, and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2020.
