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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