Legend sets new record in US IPO amid auditing scrutiny
Chinese CAR-T therapy developer Legend Biotech made its Nasdaq debut on Friday, raising more than $400 million in what is now the largest IPO for a Chinese drug developer in U.S. history. Hailing from Nanjing, Legend spun off from its parent, Genscript Biotech, a contract development and manufacturing organization listed in Hong Kong. The company recorded a loss in 2019 due to a spike in R&D expenses.
Legend’s most advanced treatment is one it's developing with Johnson & Johnson: a CAR-T cancer therapy that demonstrated impressive results in multiple myeloma in data presented at the American Society of Clinical Oncology annual meeting last week.
Impressive as the debut was, Legend’s listing coincides with increased scrutiny on U.S.-listed Chinese companies. Last month, the U.S. Senate passed a bill to bar Chinese companies from listing shares in the country unless the Public Company Accounting Oversight Board is allowed to inspect their auditors. As STAT’s Damian Garde reports, Legend is one of more than 150 Chinese companies at risk of being removed from U.S. exchanges.
Read more here.
Legend’s most advanced treatment is one it's developing with Johnson & Johnson: a CAR-T cancer therapy that demonstrated impressive results in multiple myeloma in data presented at the American Society of Clinical Oncology annual meeting last week.
Impressive as the debut was, Legend’s listing coincides with increased scrutiny on U.S.-listed Chinese companies. Last month, the U.S. Senate passed a bill to bar Chinese companies from listing shares in the country unless the Public Company Accounting Oversight Board is allowed to inspect their auditors. As STAT’s Damian Garde reports, Legend is one of more than 150 Chinese companies at risk of being removed from U.S. exchanges.
Read more here.
.png)
No hay comentarios:
Publicar un comentario