Legend Biotech Corp Stock Price, News & Analysis

Legend Biotech Corporation (NASDAQ: LEGN) announced participation in several key investor conferences: Citi's 17th Annual BioPharma Conference on September 7, 2022, Wells Fargo Healthcare Conference on September 8, 2022, and the Morgan Stanley Global Healthcare Conference on September 12, 2022, all featuring CEO Ying Huang, Ph.D. Additionally, the company will attend the Jefferies Cell and Genetic Medicine Summit on September 29-30, 2022. Legend Biotech focuses on developing innovative therapies for life-threatening diseases from its headquarters in Somerset, New Jersey.

Legend Biotech Corporation (NASDAQ: LEGN) reported preliminary, unaudited financial results for the six months ended June 30, 2022. The company anticipates a loss between US$196 million and US$228.9 million, primarily due to R&D investments in its lead product candidate, cilta-cel. An adjusted loss is expected between US$144.5 million and US$168.6 million. Additionally, a non-cash fair value loss of US$27.9 million to US$32.6 million from warrant liability changes is projected. As of June 30, 2022, cash and equivalents totaled approximately US$379.8 million.

Legend Biotech Corporation (NASDAQ: LEGN) announced the appointment of three new directors to its Board: Mr. Tomas Heyman (Class I), Dr. Fangliang "Frank" Zhang (Class II), and Dr. Li Mao (Class III). The Board emphasized that these individuals possess essential skills for executing the company’s long-term strategy. Sally Wang resigned as Chair but will continue as a director. Dr. Zhang has been elected Chairman of the Board. The changes aim to strengthen leadership as the company advances its development of innovative therapies.

Legend Biotech has announced an underwritten public offering of 8,140,000 American Depositary Shares (ADSs) at a price of $43.00 per ADS, aiming for approximately $350 million in total gross proceeds. The underwriters also hold a 30-day option to purchase an additional 1,221,000 ADSs. The offering is expected to close on July 29, 2022, pending customary conditions. Morgan Stanley, J.P. Morgan, Jefferies, and Evercore ISI are leading the offering. The ADSs are being sold under an effective shelf registration statement with the SEC.

Legend Biotech Corporation (NASDAQ: LEGN) plans to offer $250 million of American Depositary Shares (ADSs), each representing two ordinary shares, in an underwritten public offering. The company has also granted underwriters a 30-day option to purchase an additional $37.5 million of ADSs. The offering is subject to market conditions and does not guarantee completion. Morgan Stanley, J.P. Morgan, Jefferies, and Evercore ISI are the joint book-running managers. The ADSs will be offered under a previously filed effective shelf registration statement with the SEC.

Legend Biotech presented updated results from the CARTITUDE clinical program for cilta-cel at the ASCO 2022 meeting, showcasing a sustained 98% overall response rate in relapsed or refractory multiple myeloma patients after 28 months. Median progression-free and overall survival times remain unreached, highlighting long-term efficacy. The CARTITUDE-2 study supports the use of cilta-cel in earlier treatment lines, with 95% of patients achieving a complete response. Adverse events were consistent with previous findings, primarily hematologic.

Legend Biotech Corporation (NASDAQ: LEGN) has received FDA clearance for its investigational new drug (IND) application to evaluate LB1908 in a Phase 1 clinical trial targeting Claudin 18.2 in patients with advanced gastric, esophageal, or pancreatic cancers. The trial aims to assess safety, tolerability, and preliminary efficacy, focusing on patients expressing Claudin 18.2. This innovative CAR-T therapy represents a new treatment avenue for serious cancer types, which currently have low survival rates. An ongoing investigator-initiated trial in China is also evaluating LB1908.

The U.S. FDA has approved CARVYKTI™ (ciltacabtagene autoleucel) for treating adults with relapsed or refractory multiple myeloma, marking Legend Biotech's first product approval. The EC also granted conditional marketing authorization for the same indication. The company achieved a $50 million milestone from its collaboration with Janssen Biotech. For Q1 2022, Legend reported revenues of $40.8 million, up from $13.7 million YoY, primarily from milestone payments. However, R&D expenses rose to $81.3 million, leading to a net loss of $41.1 million.

Legend Biotech Corporation (NASDAQ: LEGN) will host an investor event on June 5, 2022, at 6 pm Central Time during the ASCO Annual Meeting. Dr. Sundar Jagannath from Mount Sinai will present new data from the CARTITUDE Clinical Development Program for cilta-cel, a CAR-T therapy targeting multiple myeloma. Investors can attend in person or virtually via Legend Biotech's website. The company focuses on innovative cell therapies for life-threatening diseases and aims to advance treatment options for patients globally.