Rocked by customs investigation, Legend's CFO takes over as CEO Frank Zhang placed under house arrest
When Frank Zhang stepped down from GenScript — the contract research group he’s run for 18 years — to take up the CEO post at its CAR-T focused spinout Legend Biotech, he assured analysts that he was in for the long haul.
Just 49 days later, though, he’s been forced to hand back the title.
In a dramatic turn of events, Legend disclosed that Zhang is under house arrest in China as part of a customs investigation involving GenScript. While he remains the chairman, CFO Ying Huang has been tapped to double as interim CEO.
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