Legend Biotech Surges 12% on Acquisition Bid; CARVYKTI Sales and Expansion Drive Strategic Interest
Legend Biotech
Tumor Cell Immunotherapy Developer
Johnson & Johnson
Medical Device R&D and Manufacturer
According to foreign media reports on July 12, the stock price of Legend Biotech (NASDAQ: LEGN) surged by 12%, driven by a rumored acquisition that circulated in the market.
According to Street Insider, this biotech company has received an acquisition offer and has hired top investment bank Centerview Partners to assist its board in evaluating the acquisition proposal and other options. The report did not disclose the identity of the potential acquirer.In response to requests for comments from foreign media, Legend Biotech did not respond.
In view ofThe close partnership between Legend Biotech and Johnson & Johnson makes it highly possible that Johnson & Johnson has issued an acquisition offer. The premium for this acquisition is expected to range between 30% and 50%, with the total acquisition price estimated to fall within $13 billion to $15 billion.
Currently, the company's market value exceeds $9.9 billion.
Legend Biotech Plans to Announce Its Q2 Financial Results on August 9. The company co-markets the CAR-T cell therapy CARVYKTI with Johnson & Johnson (J&J, NYSE: JNJ). CARVYKTI is a CAR-T cell therapy targeting B-cell maturation antigen (BCMA). Data shows that CARVYKTI demonstrated an overall response rate of up to 98% in patients with relapsed or refractory multiple myeloma who had previously received four or more lines of therapy, including proteasome inhibitors, immunomodulatory agents, and anti-CD38 monoclonal antibodies.
According to Legend Biotech's latest financial report, the net trade sales of CARVYKTI in the first quarter of 2024 were approximately US$157 million. The company has successfully expanded the indications for CARVYKTI® in the United States, Europe, and Brazil, which will allow more multiple myeloma patients to access this innovative therapy at an earlier stage of the disease. To meet the growing demand from patients, Legend Biotech has increased production capacity and expanded its operational scale, with the goal of reaching an annual production capacity of 10,000 doses by the end of 2025.
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