{"id":18561,"date":"2023-05-22T00:27:00","date_gmt":"2023-05-21T16:27:00","guid":{"rendered":"https:\/\/flcube.com\/?p=18561"},"modified":"2024-12-18T00:32:38","modified_gmt":"2024-12-17T16:32:38","slug":"genscript-biotechs-legend-biotech-secures-private-placement-with-hillhouse-investment","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=18561","title":{"rendered":"GenScript Biotech’s Legend Biotech Secures Private Placement with Hillhouse Investment"},"content":{"rendered":"\n

China-based Contract Research Organization (CRO) GenScript Biotech Corporation (HKG: 1548<\/a>) has revealed that its subsidiary, Legend Biotech Corporation (NASDAQ: LEGN<\/a>), is set to conduct a private placement of 692,800 shares at USD 32 per share to LGN Holdings Ltd, a company solely managed by Hillhouse Investment Management, Ltd. This transaction will raise USD 22.2 million, resulting in GenScript\u2019s stake in Legend decreasing to 48.29% from 48.38%.<\/p>\n\n\n\n

Hillhouse’s Continued Investment in Legend Biotech<\/strong>
Hillhouse has a history of multiple investments in Legend Biotech, which debuted on the Nasdaq exchange in June 2020 with Hillhouse as the primary financial backer. In May 2021, GenScript disclosed that Hillhouse had invested a total of USD 1 billion into Legend or its subsidiaries, including a private placement of over 20 million shares that raised around USD 300 million. Following that transaction, GenScript and Hillhouse held stakes of 54.3% and 6.65% in Legend, respectively. In April 2023, Legend made another private placement of 485,000 shares to LGN for a consideration of USD 12.7 million.<\/p>\n\n\n\n

Positive Data Leakage Leads to Significant Financing<\/strong>
Legend made headlines recently following the early leak of topline data from the ongoing Phase III CARTITUDE-4 study for its BCMA-targeted chimeric antigen receptor (CAR) T cell therapy, Carvykti (ciltacabtagene autoleucel). The data showed a 74% drop in risk of disease progression compared to standard treatment and a 22% reduction in risk of death versus chemotherapy, suggesting that US physicians may consider using the CAR-T as a first-line therapy in the future. Legend\u2019s share price surged 19.64% on April 19, 2023, in response to the news release. In April and May of this year, Legend raised further capital via private share issues, securing USD 200 million from RA Capital and USD 350 million from T.Rowe Price Associates Inc., respectively.<\/p>\n\n\n\n

Carvykti’s Market Performance and Future Forecasts<\/strong>
Since its market approval in the US in February last year, Carvykti has generated USD 206 million in sales. Partner Johnson & Johnson forecasts a sales peak of USD 5 billion for the therapy.-Fineline Info & Tech<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China-based Contract Research Organization (CRO) GenScript Biotech Corporation (HKG: 1548) has revealed that its subsidiary,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7,10],"tags":[77,20,521,872,873],"class_list":["post-18561","post","type-post","status-publish","format-standard","hentry","category-company","category-deals","tag-cell-therapy","tag-finance","tag-genscript-biotech","tag-hkg-1548","tag-nasdaq-legn"],"yoast_head":"\nGenScript Biotech's Legend Biotech Secures Private Placement with Hillhouse Investment - Insight, China's Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"China-based Contract Research Organization (CRO) GenScript Biotech Corporation (HKG: 1548) has revealed that its subsidiary, Legend Biotech Corporation (NASDAQ: LEGN), is set to conduct a private placement of 692,800 shares at USD 32 per share to LGN Holdings Ltd, a company solely managed by Hillhouse Investment Management, Ltd. This transaction will raise USD 22.2 million, resulting in GenScript\u2019s stake in Legend decreasing to 48.29% from 48.38%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/flcube.com\/?p=18561\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GenScript Biotech's Legend Biotech Secures Private Placement with Hillhouse Investment\" \/>\n<meta property=\"og:description\" content=\"Navigate the complexities of China\u2019s pharmaceutical industry with precision and clarity. FLCUBE delivers reliable data, news, and intelligence to broaden your horizons and sharpen your decision-making. 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