Legend Biotech Corp Stock Price, News & Analysis

Exelixis, Inc. (Nasdaq: EXEL) announced that Carl Feldbaum and Vincent Marchesi will not seek re-election to the Board of Directors during the 2023 Annual Meeting of Stockholders. The Board is nominating Tomas Heyman and Robert Oliver as independent directors to fill their positions. This decision follows unsuccessful settlement negotiations with Farallon Capital Management regarding board member nominations and access to company information. Dr. Stelios Papadopoulos expressed gratitude toward Feldbaum and Marchesi for their service. The upcoming board election aims to enhance corporate governance. Following the election, the Board will consist of 11 members, 10 of whom are independent. The Annual Meeting date has yet to be announced.

Legend Biotech Corporation (NASDAQ: LEGN) has appointed Mythili Koneru, M.D., Ph.D. as its new Chief Medical Officer. Dr. Koneru previously served at Marker Therapeutics where she led the development of cell therapies and peptide vaccines. Her extensive background includes roles at Eli Lilly, focusing on immuno-oncology clinical development, and an oncology fellowship at Memorial Sloan-Kettering Cancer Center. CEO Ying Huang expressed confidence in Dr. Koneru's expertise in immunotherapy and cell therapy, emphasizing her role in advancing the company's pipeline. Dr. Koneru holds a B.A. in Cellular and Molecular Biology from the University of Chicago, a Ph.D. in Tumor Immunology from New York University, and an M.D. from Robert Wood Johnson Medical School.

The report titled "Global Royalty Rate Trends in Pharma and Biotech Dealmaking 2010-2023" has been released by ResearchAndMarkets.com. This comprehensive report offers insights into partnering deals in the pharmaceutical and biotechnology sectors, including details on technology licensed, royalty rates, license fees, and other payments. It covers all disclosed deals since 2010, providing essential data for prospective dealmakers. Key chapters analyze royalty rate trends, the structure of royalty clauses, and leading companies in the field. The report aims to equip readers with the necessary tools for effective negotiations and due diligence in licensing agreements.

The CAR-T Therapy Pipeline Analysis Global Market Report 2023 has been released by ResearchAndMarkets.com, detailing significant growth in the CAR-T therapy market. The market is projected to expand from $1.40 billion in 2021 to $1.80 billion in 2022, reflecting a CAGR of 28.6%. By 2026, the market is expected to reach $3.55 billion, growing at a CAGR of 18.5%. Major players include Legend Biotech, Novartis AG, and Kite Pharma. The report highlights the role of financial support for CAR-T therapy development and notes the impact of high costs and limitations in treating certain cancers as challenges. The leading regions are North America and Western Europe, while the main product types include monotherapy and combination therapy targeting cancers such as acute lymphoblastic leukemia.

Legend Biotech Corporation (NASDAQ: LEGN) has formed a new strategic advisory board, appointing Michel Vounatsos, former CEO of Biogen, and John Maraganore, PhD, former CEO of Alnylam Pharmaceuticals, as advisors. Both will collaborate with the company's leadership to enhance its cell therapy platforms and propel growth objectives. Vounatsos brings significant experience from Biogen and Merck, while Maraganore is recognized for his pivotal role in developing RNA interference therapeutics. The appointments aim to leverage their extensive industry backgrounds for advancing Legend Biotech's mission in treating life-threatening diseases.

GenScript Biotech reported strong annual results for 2022, with a revenue of approximately US$625.7 million, marking a 27.7% increase from US$490.1 million in 2021. The non-cell therapy segment achieved external revenue of US$509.0 million, up 19.8%, while cell therapy revenue surged by 70% to US$116.7 million. Adjusted net profit for the non-cell therapy sector rose by 31.4% to US$62.4 million, while the cell therapy sector faced an adjusted net loss of approximately US$422.1 million. The report highlights significant growth in biologics development and industrial synthetic biology, alongside an increased backlog in biologics.

Legend Biotech Corporation (NASDAQ: LEGN) reported its full year 2022 financial results, showcasing significant milestones such as FDA and MHLW approvals for CARVYKTI® (ciltacabtagene autoleucel) and the acceptance of its NDA in China. Total revenue reached $117.0 million, a substantial increase from $68.8 million in 2021, driven by CARVYKTI® sales. However, the company reported a net loss of $446.3 million, slightly higher than the previous year's loss of $403.6 million. Increased R&D and administrative expenses were noted, impacting financial performance. The company aims to expand its manufacturing and clinical program, focusing on bringing CARVYKTI® to more patients.

The report titled 'Germany Cell and Gene Therapy Market - Focused Insights 2023-2028' reveals that the market was valued at $0.34 billion in 2022 and is projected to reach $3.44 billion by 2028, growing at a 40.15% CAGR.

Key drivers include an increase in target patient populations and robust regulatory support. Zolgensma is highlighted as the first blockbuster therapy, having generated $1.37 billion in 2022. The market features over 1,000 ongoing CAR-T cell therapy clinical trials, with numerous companies, including Legend Biotech (LEGN) and Orchard Therapeutics (ORTX), leading the charge.