Legend Biotech launches $225 million ADS public offering

Legend Biotech Corporation (NASDAQ: LEGN) has commenced an underwritten public offering of $225 million in American Depositary Shares, with each ADS representing two ordinary shares of the company, according to a press release.

All ADSs in the offering will be sold by Legend Biotech. The company also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the ADSs sold in the offering at the public offering price, less underwriting discounts and commissions.

Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities are serving as joint book-running managers for the offering.

The ADSs are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. The offering is subject to market conditions, and there is no assurance as to whether or when it may be completed, or the final size or terms.

Legend Biotech is based in Bridgewater, N.J., and develops cell therapies, including CARVYKTI, a treatment for relapsed or refractory multiple myeloma co-developed and marketed with Johnson & Johnson.

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