Drugmaker Legend Biotech Corp. (LEGN.US) said on Monday that Huang Ying resigned as the company’s CEO and member of its board effective July 24, without giving any reason for his departure. It said Huang will remain as an advisor to the company through August to support a smooth transition.
Alan Bash, president of the unit that oversees the company’s core Carvykti cancer treatment, will take over as CEO on an interim basis. Meantime, the company has launched a search for a new long-term CEO.
Legend’s revenue rose 56% year-on-year to $305.1 million in the first quarter of this year, as it reaped the benefit of strong sales for Carvykti, which it is commercializing with Johnson & Johnson’s (JNJ.US) Janssen unit. But the company is still losing money, including a net loss of $54.3 million in the first quarter.
Legend’s stock fell 13.3% to close at $19.27 on Monday after the announcement. The selloff wiped out all of the stock’s gains for 2026, leaving the shares down 10.4% this year.
By Doug Young
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