Legend Biotech’s Shares Leap on Acquisition Rumors; Parent Genscript Biotech Corp. Follows Suit

Chinese biopharmaceutical firm Legend Biotech (NASDAQ: LEGN), a specialist in chimeric antigen receptor (CAR) T-cell therapy, has reportedly drawn the attention of a potential acquirer. This development sent Legend’s stock price climbing over 12% in a single day, as reported by the news platform Street Insider. The company has allegedly enlisted the services of investment bank Centerview Partners to advise following interest from a mysterious third party. The news also caused a ripple effect, with Genscript Biotech Corp. (HKEX: 01548), the parent company of Legend and a prominent Contract Development and Manufacturing Organization (CDMO) in China, witnessing its share price spike by over 25% during today’s trading session.

Legend Biotech is credited with the development of Carvykti (ciltacabtagene autoleucel), a BCMA-targeted CAR-T therapy co-developed with pharmaceutical giant Johnson & Johnson (J&J). Carvykti received FDA approval in the U.S. in 2022 for the treatment of heavily pre-treated relapsed/refractory multiple myeloma (MM), with further approvals across Europe and additional global markets. The U.S. FDA granted an expansion of Carvykti’s indication to second-line r/r MM in April of this year. The drug achieved sales of $500 million in 2023 and is on track to become a blockbuster with sales surpassing $1 billion, thanks to this year’s approval for use in an earlier treatment setting.- Flcube.com

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