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Cell-based therapist Legend Biotech plan to list on U.S. to raise USD 300 mln, schedule for Q2 IPO

CKN
minutes 2020/03/12 13:10:45
4,429

Mar 12, 2020 (China Knowledge) - Hong Kong-listed Genscript Biotech (1548) has said that its cell-based therapies subsidiary, Legend Biotech is going to the U.S. bourse for the initial public offering. It has submitted a draft registration proposal to the U.S. Securities Exchange Commission (SEC), laying down the groundwork for an eventual IPO.

The listing plans to raise USD 300 mln is expected to complete as soon as the second or third quarter of 2020.

Founded in 2014, Legend Biotech specializes in the discovery, development and commercialization of chimeric antigen receptor T (CAR-T) cell therapies, and other cell therapy products that focus on treatment of cancer, autoimmune and infectious diseases. It is the first CAR-T cell company in Ireland and a leader in this revolutionizing field.

Recently, Guangfa Securities and Guosen Securities maintain their "Buy" ratings on the view that Genscript Biotech's CAR-T product would make a big profit contribution after its launch.

A previous report by Coherent Market Insights said that, global CAR-T immunotherapy market will grow at a compound average growth rate (CAGR) of 46.1% from 2018 to 2028. Dominated by North America and Europe in this market, with the former accounting for over 50%.

More and more China’s domestic companies have also started to deploy CAR-T cell therapy, including Dongcheng Pharmaceutical (002675), Fosun Pharmaceutical (600196), which may accelerate the development of CAR-T in China.

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