BRIDGEWATER, N.J. - Legend Biotech Corporation (NASDAQ:LEGN) announced today it has commenced an underwritten public offering of $225 million of American Depositary Shares, according to a press release statement. The offering comes as shares have surged 56% over the past six months, trading at $33.52 with a market capitalization of $6.23 billion. According to InvestingPro analysis, the stock appears undervalued at current levels.
Each ADS represents two ordinary shares of the company. Legend Biotech will offer all the ADSs in the offering and intends to grant underwriters a 30-day option to purchase up to an additional 15% of the ADSs sold at the public offering price, less underwriting discounts and commissions.
The offering is subject to market conditions. The company stated there is no assurance as to whether or when the offering may be completed or the actual size or terms of the offering.
Morgan Stanley, Jefferies, Citigroup, and Deutsche Bank Securities are serving as joint book-running managers for the offering.
The ADSs are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC.
Legend Biotech is a cell therapy company with over 3,000 employees. The company develops CARVYKTI, a treatment for relapsed or refractory multiple myeloma, in collaboration with Johnson & Johnson.
In other recent news, Legend Biotech Corporation announced a $225 million public offering of American Depositary Shares, with each ADS representing two ordinary shares. The company has granted underwriters a 30-day option to purchase up to an additional 15% of the shares sold at the public offering price. Additionally, Legend Biotech reported early success in a Phase 1 trial of its investigational in vivo CAR-T cell therapy, LB2501, targeting CD19 and CD20 in patients with relapsed or refractory B-cell non-Hodgkin lymphoma. At the higher dose level, a 100% objective response rate and an 83.3% complete response rate were observed.
In another development, UBS raised its price target for Legend Biotech shares to $49 from $31, maintaining a Buy rating, based on the outlook for the company’s in-vivo CAR-T therapy in non-Hodgkin lymphoma. Preliminary clinical data for LB2501 will be presented at the European Hematology Association Congress in June 2026. Legend Biotech also shared first-in-human clinical data for LB2102, an investigational CAR-T cell therapy for solid tumors, showing an objective response rate of 20% among 20 patients, with higher dose levels achieving an ORR of 28.6%. These developments reflect Legend Biotech’s ongoing efforts in advancing its cell therapy pipeline.
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