Up 12%! Legend Biotech receives acquisition invitation, potentially setting a new record for biotech acquisition amount in China!
Legend Biotech received a merger invitation, with its stock price soaring by 12%, reaching a market value of USD 9.9 billion. If the acquisition proceeds smoothly, it will set a new record for the acquisition of a Chinese biotech company
On July 12, 2024, according to information from the Seekingalpha website, Legend Biotech confirmed receiving an acquisition request and has hired the top investment bank Centerview Partners to assist the board in evaluating this acquisition invitation and other options.
Legend Biotech's stock price surged by 12% on the same day, with a current market value of 9.9 billion US dollars.
Legend Biotech currently has over 2,000 employees and cash reserves of 1.3 billion US dollars.
Carvykti achieved sales of 500 million US dollars in 2023, with first-quarter sales this year reaching 156 million US dollars. With the approval of second-line indications, sales are expected to further accelerate.
Legend Biotech holds a 50% stake in Carvykti overseas, with total receipts of 810 million US dollars in prepayments and milestone payments.
Summary
In December 2023, AstraZeneca acquired GenX Biotech for 1.2 billion US dollars, and in April 2024, Genmab acquired Pufang Biotech for 1.8 billion US dollars. As a US-listed company, there are no obstacles to being acquired by a multinational corporation. If the acquisition proceeds smoothly, it will set a new record for Chinese biotech companies being acquired at the billion-dollar level.
Author: Armstrong, Source: Medical Notes, Original Title: "Legend Biotech Rises 12%: Receives Acquisition Invitation"