Legend Biotech names new CEO

Cancer treatment maker Legend Biotech Corp. (LEGN.US) announced its appointment of a new CEO on Tuesday, a month and a half after the sudden departure of its longtime chief executive caused its shares to tumble.

The company named Ingrid Zhang as its new chief executive, replacing Alan Bash, who was filling the position on an interim basis after the late July resignation of Huang Ying. Before his departure, Huang had served as Legend’s CEO since September 2020. Bash is president of the unit that oversees the company’s blockbuster cancer treatment, Carvykti.

Zhang most recently served as chief commercial officer for the international division of drug giant Novartis (NOVN.SW). Before that she held leadership positions at other major drug companies, including AstraZeneca (AZN.L) and Pfizer (PFE.US).

Legend Biotech’s revenue rose 52% to $387.5 million in the second quarter from $255.1 million a year earlier. It recorded a net profit of $33.2 million in the latest three-month period, reversing a loss of $125.4 million a year earlier.

Legend Biotech’s stock fell 4.6% to close at $17.67 on Tuesday after the announcement. The stock is down about 20% since the company announced Huang Ying’s departure in July.

By Doug Young

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