Legend Biotech Corporation (LEGN) lost a further 8.43% at $44.45 premarket, at the last check on Wednesday. The stock has been trading in the red since the company announced a proposed public offering on December 14.
In the previous session, the stock moved between $48.18 and $50.56, to close at $48.54. Hence, LEGN stock lost 4.20% on Tuesday. This fall has continued in the premarket, as the stock was down by $4.09 at the time of writing.
Currently, the 145.33 million outstanding shares of the company trade at a market capitalization of $7.33 billion.
LEGN’s Proposed Public Offering
As per Tuesday’s announcement, in an underwritten public offering, the company will offer $300 million of its American Depository Shares (ADS). Further, each of the ADS will represent two ordinary shares. Moreover, LEGN will also offer a 30-day option for buying $45 million of additional ADSs to the underwriters. In addition, the price of these additional ADSs will be the same as that of the original public offering.
The actual size, terms, and closing of the offering were not disclosed in the announcement.
CARTITUDE-1 Updates
On December 13, the company shared updated results from its CARTITUDE-1 clinical development program. These were presented at the 63rd American Society of Hematology (ASH) Annual Meeting and Exposition.
The CARTITUDE clinical development program is designed for studying cilta-cel in the treatment of multiple myeloma. Moreover, the cilta-cel is LEGN’s investigational therapy as a one-time treatment for the disease.
According to the new results, 97 patients with RRMM (relapsed or refractory multiple myeloma) showed ORR (overall response rate) of 98%. Furthermore, 83% of the patients had achieved sCR (stringent complete response) at 21.7 months follow-up. The 2-year PFS (progression-free survival) and OS (overall survival) rate was 61% and 74% respectively. Moreover, the median PFS and median OS had not been reached.
While patients with RRMM have very limited options left, the positive updated results of cilta-cel may provide them with durable responses.
LEGN’s Financials
On November 16, the company disclosed its third-quarter financial results for 2021. According to the results, LEGN had revenue of $16.9 million in the third quarter of 2021. In comparison, the revenue was $11.7 million in the third quarter of 2020.
Further, the company incurred a net loss of $124.8 million or $0.43/share in the third quarter of 2021. This compares to $66.5 million or $0.25/share in the year-ago quarter.
