Cases & Deals

GenScript Biotech and its subsidiaries Legend Biotech and ProBio Cayman complete US$1.07 billion investment by Hillhouse Capital

Client(s) GenScript Biotech Corporation

Jones Day represented GenScript Biotech Corporation (“GenScript Biotech”), its controlling shareholder GenScript Corporation, and its two subsidiaries Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”) and Probio Technology Limited (“Probio Cayman”) in connection with a US$1.07 billion investment by Hillhouse Capital. The matter involves: (a) issue of new shares under its general mandate to for a consideration of approximate US$247 million; (b) sale of certain shares held by Genscript Corporation for a consideration of approximate US$48 million; (c) issue of certain new shares of Legend Biotech for a consideration of US$300 million, and issue a warrant to purchase certain shares of Legend Biotech by Hillhouse Capital for a consideration of US$200 million; and (d) issuance of Series A Preferred Shares of Probio Cayman for a consideration of US$150 million, and warrant to purchase certain shares of Probio Cayman by Hillhouse Capital for up to an aggregate amount of US$125 million.

GenScript Biotech is listed on the Hong Kong Stock Exchange, and is a well-recognized life sciences research and application service and product provider that applies its proprietary technology to various fields from basic life sciences research to translational biomedical development, industrial synthetic products, and cell therapeutic solutions.

Legend Biotech is listed on the Nasdaq Global Select Market, and principally engages in the development of CAR-T cell therapies.

Probio Cayman is a contract development and manufacturing organization that provides comprehensive services in five key categories, namely, antibody drug discovery, antibody drug pre-clinical development, antibody drug clinical development, plasmid & virus pre-clinical development, and plasmid & virus clinical development.