The biotech firm raised gross proceeds of $226M by selling 7.7M ADSs in a public offering.
Legend Biotech priced a public offering of 7.7 million American Depositary Shares at $29.35 each, raising $226 million in gross proceeds. Each ADS represents two of the company’s ordinary shares, as part of an underwritten deal.
The offering follows recent market activity in biotech equities, though prior pricing or consensus expectations were not disclosed. The company did not provide additional context on use of proceeds or timing relative to past financings.
Shares of Legend Biotech traded lower following the announcement, reflecting investor reaction to the dilution from the new share issuance.