Johnson & Johnson's CAR-T Partner Legend Biotech Plans IPO
Johnson & Johnson (NYSE: JNJ) partner Legend Biotech is planning for a U.S. initial public offering. The company, which is owned by the Hong Kong-listed GenScript Biotech, has submitted a draft registration proposal to the U.S. Securities Exchange Commission (SEC), laying down the groundwork for an eventual IPO.
Legend Biotech was a relatively obscure company until its chimeric antigen receptor T cell (CAR-T) candidate showed impressive results in patients with multiple myeloma, a rare type of blood and bone marrow cancer. Back in 2017, when Legend first published its findings, its CAR-T candidate demonstrated a 100% response rate with a 94% clinical remission rate in a population of 35 drug-resistant patients.
Image source: Getty Images.
Source Fool.com
