GenScript Biotech Corporation completes US$423.8 million IPO and spin-off of its subsidiary Legend Biotech Corporation; and US$24 million purchase of Ordinary Shares of Legend Biotech
Clients GenScript Biotech Corporation
Jones Day acted as the U.S. and Hong Kong legal advisors of GenScript Biotech Corporation (“GenScript Biotech”) in relation to its (a) approximately US$423.8 million initial public offering of 18,425,000 American Depositary Shares and spin-off listing of its subsidiary Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”) on the Nasdaq Global Select Market and (b) approximately US$24 million purchase of Ordinary Shares of Legend Biotech in a concurrent private placement of Legend Biotech.
GenScript Biotech is a leading life sciences research and application service and product provider that applies its proprietary technology to various fields from basic life sciences research to transformational biomedical development, industrial synthetic products and cell therapeutic solutions. Its cell therapy business is being run under Legend Biotech that engages in the discovery and development of novel cell therapies for oncology and other indications.
Legend Biotech’s lead product candidate is a chimeric antigen receptor, or CAR, T cell therapy for the treatment of multiple myeloma.
In March 2020, Jones Day also acted for GenScript Biotech in relation to its approximately US$160 million pre-IPO financing of Legend Biotech.