Legend Biotech's IPO Blows Past Expectations
On Friday, Legend Biotech (NASDAQ: LEGN) became the latest biotechnology start-up to pull off a surprisingly successful initial public offering. The cell-based cancer therapy developer originally intended to raise around $350 million, but investors eager to invest in a corner of the economy relatively unaffected by the COVID-19 pandemic piled in and pushed Legend's haul up to a stunning $424 million.
Legend Biotech doesn't have any products to sell, yet, but it could launch a chimeric antigen receptor T cell (CAR-T) therapy called JNJ-4528 in partnership with Johnson & Johnson (NYSE: JNJ) and receive heaps of royalties and milestone payments in the process. Legend burst on the scene a few years ago with impressive clinical trial results in treating relapsed multiple myeloma patients with JNJ-4528, and the data keeps getting better.
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Source Fool.com
