Legend Biotech Announces Proposed Nasdaq IPO as Jin瑞 Subsidiary, Highlighting Pipeline Led by BCMA-Targeted CAR-T Therapy

On May 14, GenScript Biotech Corporation announced the proposed spin-off and Nasdaq listing of Legend Biotech. As of the announcement date, GenScript held approximately 76.9% of the total issued share capital of Legend Biotech. Morgan Stanley, J.P. Morgan, and Jefferies served as joint lead underwriters for Legend Biotech’s listing.

According to public information, Legend Biotech is a clinical-stage biopharmaceutical company that was spun off from GenScript’s cell therapy division in November 2014. It is dedicated to developing novel cell therapies for hematologic/oncologic, infectious, and autoimmune diseases. In 2018, Legend Biotech became the first pharmaceutical company in China to receive approval for CAR-T clinical trials.

According to the prospectus, Legend Biotech’s primary candidate product is the CAR-T therapy LCAR-B38M/JNJ-4528, jointly developed with Janssen Pharmaceuticals for the treatment of multiple myeloma. Currently, Legend Biotech is conducting Phase 1b clinical trials in the United States and Japan, while simultaneously enrolling patients for Phase 2 clinical trials in China.

In addition to LCAR-B38M/JNJ-4528, Legend Biotech has other pipelines in progress targeting various cancers, including non-Hodgkin lymphoma (NHL), acute myeloid leukemia (AML), and T-cell lymphoma (TCL). The first two have already initiated Phase I clinical trials in China. The company has also developed a CD20-targeted allogeneic CAR-T candidate drug for the treatment of NHL, which has also entered Phase I clinical trials. Additionally, there are multiple preclinical and clinical-stage products under development targeting solid tumors and infectious diseases.

Legend Biotech Product Portfolio (Source: Prospectus)