Legend Biotech’s IPO exceeds past expectations

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Friday, Legend Biotech (NASDAQ: LEGN) has become the last biotechnology start-up to achieve a surprisingly successful IPO. The developer of cell-based cancer therapy originally intended to raise about $ 350 million, but investors wishing to invest in a corner of the economy relatively unaffected by the COVID-19 pandemic have piled up and pushed Legend’s Haul to $ 424 million.

Impressive responses

Legend Biotech has no products to sell yet, but it could launch a T-receptor chimeric T-cell (CAR-T) therapy called JNJ-4528 in partnership with Johnson & Johnson (NYSE: JNJ) and receive loads of royalties and milestone payments in the process. The legend burst onto the scene a few years ago with impressive clinical trial results in the treatment of patients with relapsed multiple myeloma with JNJ-4528, and the data continues to improve.

Image source: Getty Images.

Patients with multiple myeloma who relapse more than once are notoriously difficult to treat, but the 29 patients treated with a single infusion of JNJ-4528 responded. During a median follow-up of 11.5 months, 86% of the patients were in complete remission.

Next steps

Johnson & Johnson has already injected $ 460 million into Legend in the form of upfront and milestone payments, and the small business remains eligible to receive up to $ 1.34 billion more in the future if JNJ-4528 goes through a series of regulatory and commercial stages.

If the therapy is approved, the partners will share the costs of development and commercialization in all countries outside of China, with 70% of the profits going to Legend and the rest to Johnson & Johnson.



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