BRIEF: Legend Biotech considers second listing outside U.S.
Cancer treatment maker Legend Biotech Corp. (LEGN.US) is weighing a second listing to complement its existing one in the U.S., with possible venues including Hong Kong, Singapore and London, Bloomberg reported on Friday, citing unnamed people familiar with the matter.
Such a move would make Legend the latest in a growing parade of U.S.-listed China-linked companies to make second listings, mostly in Hong Kong, as a hedge against volatility in the U.S.-China relationship. Legend is based in the U.S. state of New Jersey, but has operations in China and was established and remains 48% owned by Chinese firm Genscript Biotech Corp. (1548.HK).
Legend believes a second listing could help to boost its valuation, especially in Hong Kong, whose Hang Seng Biotech Index has more than doubled this year. Legend’s New York-listed shares rose 3.1% on Friday to close at $36.08. The stock is up about 10% this year.
By Doug Young
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