Legend Biotech looks to raise additional $350M in stock sale; Acasti commits to layoffs
CAR-T outfit Legend Biotech is looking to add more cash to its coffers.
On Monday morning, Legend announced it is selling over 5 million of its American Depository shares at a price of $64 per share. The move will net Legend around $350 million and, if the sale goes through as planned, will fund the company through the fourth quarter of 2025. The offering will close on May 10.
In April, a leaked abstract showed Legend Biotech and Johnson & Johnson’s cancer cell therapy Carvykti posting a 74% reduction in the risk of multiple myeloma progression or death. The leak had analysts boasting about the prospects and sent Legend’s stock price rising over 14%. A day after the leak, Legend said it has raised $200 million in a private stock sale.
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