Legend Biotech Corp Stock Price, News & Analysis

Legend Biotech will present new minimal residual disease (MRD) negativity data from the Phase 3 CARTITUDE-4 trial at the 66th ASH Annual Meeting. The study evaluated CARVYKTI versus standard of care in lenalidomide-refractory multiple myeloma patients who received 1-3 prior therapies. The data shows significantly increased and sustained MRD negativity rates, supporting CARVYKTI as a transformative treatment option. CARVYKTI, the first BCMA-targeted CAR-T cell therapy approved for multiple myeloma after one prior line of therapy, is now available in five countries and has treated over 4,000 patients.

Legend Biotech (NASDAQ: LEGN) has appointed Alan Bash as President of CARVYKTI® in a newly created position. Bash will manage CARVYKTI's continued growth and oversee commercial, technical operations, and quality functions. The appointment follows CARVYKTI's recent FDA and European Commission approvals for label expansion. Bash brings extensive experience as former CEO of ZielBio and Checkmate Pharmaceuticals, plus a 23-year career at Bristol Myers Squibb where he led the U.S. launch of Opdivo® and expansion of other cancer treatments. CARVYKTI is currently the fastest launched CAR-T product on the market.

Legend Biotech (NASDAQ: LEGN) has announced it will host an investor conference call on Tuesday, November 12, 2024, at 8:00 am ET to discuss third-quarter 2024 financial results. Senior leadership will present the company's quarterly performance during the call. Investors can access the live audio webcast through a provided weblink, with a replay and earnings release available on the company's Investor Relations website approximately two hours after the call.

Legend Biotech (NASDAQ: LEGN) has announced plans to establish a new 31,000 square-foot state-of-the-art research and development facility in Philadelphia, Pennsylvania. This expansion aims to enhance Legend's cell therapy portfolio and expand its R&D capabilities as a global cell therapy leader. The facility, located at 2300 Market Street, is expected to be completed in the third quarter of 2025 and will eventually house 55 full-time employees.

This new site adds to Legend's existing global R&D organization, which includes over 350 employees worldwide. The company, with over 1,200 employees in the United States, views this expansion as an opportunity to join Philadelphia's growing biotech community, attract top talent, and strengthen partnerships with local research institutions.

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.