Fangliang Zhang, AP Images
Legend fetches $424 million, emerges as biggest winner yet in pandemic IPO boom as shares soar
Amid a flurry of splashy pandemic IPOs, a J&J-partnered Chinese biotech has emerged with one of the largest public raises in biotech history.
Legend Biotech, the Nanjing-based CAR-T developer, has raised $424 million on the Nasdaq. The biotech had originally filed for a still-hefty $350 million, based on a range of $18-$20, but managed to fetch $23 per share, allowing them to well-eclipse the massive raises from companies like Allogene, Juno, Galapagos, though they’ll still fall a few dollars short of Moderna’s record-setting $600 million raise from 2018.
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