On June 5, 2020 Nanjing Legend Biotech reported that priced its US IPO above the expected range at $23 per ADS, raising $424 million (Press release, Legend Biotech, JUN 5, 2020, View Source [SID1234560869]). The company’s ADS’s climbed 60% higher to $36.60 in early trading, giving Legend a market capitalization of nearly $5 billion. In 2017, Legend announced its anti-BCMA CAR-T therapy produced a 94% overall response rate in myeloma patients. Six months later, Janssen formed a 50-50 partnership with the company for the CAR-T candidate in a $1 billion-plus deal, including $350 million upfront.

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