Legend Biotech Corp Stock Price, News & Analysis

Multiply Labs, a robotics company specializing in automated manufacturing systems for individualized drugs, has announced a collaboration with Legend Biotech (NASDAQ: LEGN). The partnership aims to apply advanced robotic technology to cell therapy manufacturing.

Multiply Labs' approach involves robotic systems that can operate various instruments already used in the cell and gene therapy industry, potentially enabling faster adoption of robotic technology. Legend Biotech will evaluate Multiply Labs' robotic technologies and secure priority access to these automated systems.

The collaboration's template is based on a peer-reviewed study published in Cytotherapy, which demonstrated statistical equivalence between manual and automated cell expansion processes. This initiative could lead to reduced labor costs and increased manufacturing throughput in the future.

Legend Biotech (NASDAQ: LEGN), a GenScript subsidiary, has received approval from China's NMPA for ciltacabtagene autoleucel (cilta-cel), a CAR-T therapy for relapsed or refractory multiple myeloma. This breakthrough treatment is approved for adult patients who have undergone at least three prior therapies. The approval is based on the CARTIFAN-1 clinical trial, which showed impressive results:

• 87.9% overall response rate
• 79.3% complete or stringent complete response
• 32.56 months median duration of response
• 30.13 months median progression-free survival

This milestone reinforces GenScript's commitment to innovation in cell therapy and strengthens its position in the biotech industry.

Legend Biotech (NASDAQ: LEGN), a global leader in cell therapy, has announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference. The event will take place in New York, NY on September 4, 2024. CEO Ying Huang, Ph.D., will engage in a fireside chat at 2:35 p.m. ET.

Investors and interested parties can access the live webcast through the Investor Relations section of Legend's website. A replay of the webcast will be available approximately 48 hours after the event. This conference participation highlights Legend Biotech's commitment to engaging with the investment community and sharing insights into its cell therapy advancements.

Legend Biotech (NASDAQ: LEGN) reported its Q2 2024 results, highlighting CARVYKTI®'s net trade sales of $186 million. The company received MHRA and Health Canada approvals for CARVYKTI® in earlier treatment lines for multiple myeloma. Positive overall survival results were demonstrated in the CARTITUDE-4 study. Legend Biotech's cash position stood at $1.3 billion as of June 30, 2024, providing runway into 2026.

Financial highlights include license revenue of $90.8 million, up from $15.1 million in Q2 2023, and collaboration revenue of $93.3 million, increased from $58.2 million. The company reported a net loss of $18.2 million, significantly reduced from $199.1 million in the same period last year. Research and development expenses rose to $112.6 million, reflecting ongoing investment in cilta-cel and solid tumor programs.

Legend Biotech (NASDAQ: LEGN), a global leader in cell therapy, announced the appointment of Peter Salovey, Ph.D., President Emeritus of Yale University, to its Board of Directors, effective August 9, 2024. Dr. Salovey brings extensive experience in medical research and public health, having led significant developments at Yale, including expanding faculty and launching new schools. His expertise in health communication and human emotion research, including founding the Yale Center for Emotional Intelligence, is expected to bring valuable insights to Legend Biotech.

Legend Biotech (NASDAQ: LEGN), a global cell therapy leader, has released preliminary, unaudited financial results for the six months ended June 30, 2024. The company anticipates an adjusted net loss between $94.7 million and $109.7 million for this period. This estimate excludes equity-settled share-based compensation expenses (net of tax) of $38.4-$44.5 million and exchange gains of $57.7-$66.8 million. Legend Biotech's actual net loss is expected to be $75.4-$87.4 million. The company emphasizes that these are preliminary estimates subject to change, with final results to be reported on August 9, 2024. Legend Biotech uses non-IFRS financial measures, including adjusted net loss, to comply with Hong Kong Stock Exchange listing rules.

Legend Biotech (NASDAQ: LEGN) will host an investor conference call on August 9, 2024, at 8:00 am ET to discuss its Q2 2024 results. The company's senior leaders will review the quarterly performance during the webcast. Investors can join the live audio webcast via a provided weblink, and a replay will be accessible in the Investor Relations section of Legend Biotech's website approximately two hours after the call concludes.

Legend Biotech (NASDAQ: LEGN) announced positive overall survival results from the Phase 3 CARTITUDE-4 trial, evaluating CARVYKTI® in relapsed and lenalidomide-refractory multiple myeloma. The trial showed statistically significant and clinically meaningful improvement in overall survival compared to PVd and DPd regimens.

The safety profile was consistent with previous data, and no new safety signals were identified. The results will be shared with regulatory agencies for potential updates. CARVYKTI® had already gained FDA approval on April 5, 2024.

However, the study reported a higher percentage of early deaths in the CARVYKTI® arm, primarily due to adverse events and infections. Other risks include cytokine release syndrome, neurologic toxicities, and secondary malignancies.

Legend Biotech shared promising data on CARVYKTI® (ciltacabtagene autoleucel) for treating multiple myeloma at ASCO and EHA 2024. The CARTITUDE-2 Cohort D study showed a 94% overall response rate and 80% MRD negativity with one-time CARVYKTI® infusion. CARTITUDE-4 analysis revealed CARVYKTI® improved progression-free survival (PFS) vs standard therapy in high-risk patients. The efficacy of CARVYKTI® was consistent across different cytogenetic abnormalities. However, safety concerns including CRS, ICANS, and infections were noted.

These findings support CARVYKTI®'s potential as a new standard of care for high-risk multiple myeloma patients refractory to lenalidomide. Further Phase 3 studies are underway to evaluate CARVYKTI® in earlier treatment settings.