Frank Zhang (AP Images)

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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