FAST NEWS: Hillhouse invests $22 million in Legend Biotech

LEGN.US

The latest: Genscript Biotech Corp. (1548.HK) announced on Sunday that its New York-listed subsidiary Legend Biotech Corp. (LEGN.US) has sold 692,782 shares through a private placement to LGN Holdings Ltd., a subsidiary of Hillhouse Investment Management, for about $22.2 million.

Looking up: Legend will use the funds raised for general working capital and business expansion.

Take Note: Upon completion of the transaction, Genscript’s shareholding in Legend will be slightly diluted from 48.38% to 48.29%.

Digging Deeper: Legend is Genscript’s cellular therapeutics business subsidiary. After years of spending, Legend’s new Cilta-cel product, being commercialized by a joint venture with Johnson & Johnson’s (JNJ.US) Janssen Biotech, accumulated sales of $206 million in the year since it was approved by the U.S. Food and Drug Administration (FDA) in last year’s first quarter.

Market Reaction: Legend Biotech shares rose 1.2% to $69.73 in New York last Friday, and trade near their 52-week high. Genscript shares fluctuated narrowly during the Monday morning session in Hong Kong and closed down 1.2% at HK$19.48. The stock now trades near the lower end of its 52-week range.

Translation by Jony Ho

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