An awkward time to raise $400ish million

Legend Biotech’s $400 million-plus IPO may have broken records, but it’s strange timing for the Chinese drug maker to trade on the Nasdaq. A bipartisan group of lawmakers is pushing through a bill that might force Legend and about 150 other China-based companies off U.S. exchanges, STAT’s Damian Garde writes.

A Senate bill, called the Holding Foreign Companies Accountable Act, threatens to delist companies that don’t pass muster when audited by the Public Company Accounting Oversight Board, a nonprofit watchdog group. President Trump issued a memorandum last week saying that “it is both wrong and dangerous for China to benefit from our capital markets without complying with critical protections that investors in those markets rightfully expect and deserve.”