Legend Biotech is on its third CEO in three months
Legend Biotech, the Chinese cancer drug developer behind one of 2020’s most successful IPOs, has once again named a new CEO, this time because the last one is under house arrest.
As STAT's Jonathan Chan reports, Legend CEO Frank Zhang has been placed in “residential surveillance” by Chinese authorities, the company said, which coincides with an investigation by the Customs Anti-Smuggling Department. The government hasn’t filed any charges and “has not provided any document” indicating that Zhang’s house arrest has anything to do with his work at Legend, according to the company.
As a result, Legend has appointed its chief financial officer to the role of interim CEO, marking another personnel twist for a company that raised more than $400 million in a June IPO.
Read more.
As STAT's Jonathan Chan reports, Legend CEO Frank Zhang has been placed in “residential surveillance” by Chinese authorities, the company said, which coincides with an investigation by the Customs Anti-Smuggling Department. The government hasn’t filed any charges and “has not provided any document” indicating that Zhang’s house arrest has anything to do with his work at Legend, according to the company.
As a result, Legend has appointed its chief financial officer to the role of interim CEO, marking another personnel twist for a company that raised more than $400 million in a June IPO.
Read more.
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