Legendary bio to the United States IPO first day surge of 60% in the crisis: "hard core" is the hard truth
Last Update: 2020-06-17
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Rui yu short event to add the impact of the new crown epidemic, the crisis of confidence in the General Stock, the road to listing in the United States is more difficult, U.Stime on June 5, Kingsbury subsidiary Legendary Bio to the U.SIPO, the opening price of $37, up 60.9% from the issue price of $23As for the reasons for choosing to go to the United States at this time, Legendary Bio responded that the company's main management and the future market for drug listings are global, and that there is a credit endorsement from partner Johnson and Johnson, which is different from the traditional Chinese stocksOncology immunotherapy hot now, its star product LCAR-B38M will also apply for listing in the United States by the end of the year, 2021 will apply for listing in ChinaOn June 5, U.Stime, Kingsbury subsidiary Legendary Bio was listed on NASDAQ, with an initial public offering priced at $23 per ADS (two common shares of common stock), plus the oversubscribed portion of the underwriters, raising approximately $500 millionThe opening price was $37, up 60.9 percent from the issue price of $23Rui yu ya osed short event sauor sauor saurate plus the impact of the new crown epidemic, the crisis of confidence in the General Stock, the road to the United States listing is more difficult, and for the reasons for choosing to go to the United States at this time, legendary biological response said that the company's main management and drug market for future listing for the global layout, and there is a partner Johnson and Johnson's credit endorsement, there is a difference with the traditional Chinese stocksOncology immunotherapy hot now, its star product LCAR-B38M will also apply for listing in the United States by the end of the year, 2021 will apply for listing in Chinathe global layout, johnson and johnson endorsement
in fact, as early as March 2020, In its 2019 financial results, Kingsley disclosed that the company had submitted to the Stock Exchange for its cell therapy business to proceed with a spin-off to the United States independent listing, and obtained the agreement of the Stock ExchangeIn mid-May, Kingsley issued another announcement recommending the spin-off of legendary bio-NASDAQ listingsbut in the first half of 2020, with the fermentation of the Swiss short-sized event, the Chinese stock market generally encountered a crisis of confidence in the United States, in late April, the Securities and Exchange Commission (SEC) Chairman Jay Clayton is personally down the "sic" emerging markets, emphasizing the Chinese market information disclosure problems, remind investors not to invest in the general stock, the 2020 IPO of Chinese companies liao better than nothe crisis of confidence in the Stock Market is not over, the legendary creature son at this time to the United States may go back to the current? In this regard, the main reasons for the legendary biological response are: First, the main clinical trials of legendary biology in China and the United States at the same time, and the main management and drug market in the future, is also a global layout, and the traditional business mainly concentrated in China's Chinese general stock companies have a relatively large difference;and for the crisis of trust encountered in the United States, Legendary Bio stressed that the company in this regard is also different from the traditional Chinese shares, the company's partners are one of the top Pharmaceutical companies in the United States, Johnson and Johnson Pharmaceuticals, in clinical data, financial data and business operations to form a good endorsement, which helps to strengthen the international investors trust in Legendary Bioit is understood that in April 2019, Kingsley announced that its subsidiary Legendary Bio and Johnson and Johnson Pharmaceuticals subsidiary Janssen Pharmaceuticals jointly developed and commercialized LCAR-B38M and had been granted the European Drug Administration (EMA) Priority Drug Recognition (PRIME) Became the first CAR-T product in China to be certified as an EMA priority drug earlier, The Announcement of Kingsbury disclosed that it would spin off Legendary Bio's independent listing on NASDAQ under the ticker code "LEGN" to issue 18.425 million Shares of American Depositary Stock (ADS), while parent company Kingsley (01548) agreed to buy $12 million of common stock at the initial public offering price per share, after which Kingsley still holds 65% of Legendary Bio CAR-T products are expected to be listed in the United States by the end of the year
public information shows that Nanjing Legendary Bio was founded in 2014, is a global clinical stage biopharmaceutical company, dedicated to the discovery and development of new cell therapies for oncology and other indications 's most important product is LCAR-B38M/JNJ-4528, developed and commercialized in collaboration with Jansen, for b-cell maturation antigen (BCMA) chimeric antigen receptor T-cell (CAR-T) cell therapy for recurrent or refractive multiple myeloma patients It is currently in the stage of registering clinical trials June 2017, Legendary Bio announced data on the trial of embedded antigen receptor CART-T cell therapy for the treatment of recurrent, refractive multiple myeloma at the American Society of Clinical Oncology (ASCO) Conference, which became a "big dark horse" from China, and in December of the same year, Legendary Bio's LCAR-B38M CAR-T cell auto-infusion agent filed a clinical application in China and was accepted by CFDA Of the 44 applications for drug registration to be included in the priority review process published by CDE a week later, the clinical application for new drugs from LCAR-B38M is listed That month, Legendary Also reached an agreement with Johnson and Johnson to jointly develop a global partnership with BCMA CAR-T, developed by Legendary, in which Legendary received a $350 million down payment and was entitled to subsequent milestones March 13, 2018, parent company Kingsley announced that its legendary bio-car-T therapy LCAR-B38M has been approved by CFDA clinical trials, becoming the first approved clinical CAR-T therapy in China January 2020, the fourth milestone in clinical trials in the United States has been reached, and Legend is entitled to a $30 million payment from Jansen for the fourth milestone so far, LCAR-B38M's Phase III clinical launch, Legendary Bio is expected to submit a U.S listing declaration in the second half of 2020, and is expected to submit a new drug listing application in China in 2021 the multiple myeloma market continues to grow
and multiple myeloma ranks among the top three hematomas from LCAR-B38M's adaptive multiple myeloma Guangfa Securities statistics, the world's annual new patients about 160,000, the United States each year 30,000 new patients, China's annual new hair about 2 to 30,000 people In addition, the global market for multiple myeloma is expected to exceed $2.9 billion by 2022, with the U.S market expected to be more than 60 percent of the global market, according to institutional research existing multiple myeloma drug end-line treatment cr is only about 3%, mPFS is only about 4 months In May 2020, Legendary Bio disclosed phase 1b/2 clinical data at the ASCO conference, and in 29 patients, BCMA products achieved a total remission rate (ORR) of 100% and a strict total remission rate (CR) of 86%, achieving continuous safety and effective clinical results , car-T is thought to be one of the potential ways to fight cancer It is reported that up to now, modern anti-cancer has experienced three "revolutions" of therapy, the 20th century appeared "chemotherapy drugs", into the 21st century targeted drugs appear, the second decade of the 21st century immunotherapy came out Existing immunotherapy includes PD-(L) 1 and CAR-T, which have been hot in recent years PD-(L) 1, represented by Mercado's K-drug and BMS O-drug, has been involved in more than 20 solid tumor indications and is estimated to be in the $100 billion market, although CAR-T is still stuck in the field of hema, no solid tumor products have been approved for market, but it is still being watched as a hot new product currentdomestic listed companies involved in the CAR-T sector include Fosun Pharma, Kingsley, Zoli Pharmaceuticals, unlisted companies including Stansay and Huadao Bio Among them, Fosun Pharmaceuticalinvestment's joint venture company Fosun Kate's CD19CAR-T cell injection production has been accepted by the Drug Administration for the treatment of adult relapse incurable large B-cell lymphoma Zoli Pharmaceuticals and Stansey have been clinically available for both hematomas and solid tumors about the future development of CAR-T therapy, Legendary Biology said it believes that with the joint efforts of the industry, cell therapy technology will be one of the potential ways to combat cancer in the future
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