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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