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2021-12-21 16:50
09:38 PM EST, 12/20/2021 (MT Newswires) -- Nasdaq-listed Legend Biotech raised nearly $345 million from its recently concluded public offering of 8,615,575 new American depositary shares or ADSs at $40 each, according to a Tuesday disclosure.
Each ADS is equivalent to two Legend Biotech shares. Deal proceeds will be used for the clinical development of its cancer drug cilta-cel and other offerings in the pipeline.
Genscript Biotech (HKG:1548) subscribed for $90 million worth of shares in Legend Bio's public offering.
As a result of the share offering, Genscript Bio's stake in Legend Biotech was diluted to 56.61% from 58.41%.
Shares of Genscript bio inched down nearly 2% in Tuesday's morning trade.
Price (HKD): $33.40, Change: $-0.35, Percent Change: -1.04%