Legend Biotech Corporation, a cellular therapy subsidiary of China-based biotech producer Genscript Biotech, has agreed to raise approximately $151m from investors including pharmaceutical firms Eli Lilly and Johnson & Johnson.
Hudson Bay Capital Management’s, HBC Asia Healthcare Opportunities III fund, Capital Group’s Smallcap World Fund, Vivo Capital and RA Capital’s Healthcare Fund, Nexus Fund and Blackwell Partners vehicle are also participating in the round, designated as a series A.
The corporates are taking part through corporate venturing vehicles Lilly Asia Ventures and Johnson & Johnson Innovation – JJDC. The round will value Legend Biotech at approximately $1.95bn according to a stock exchange filing.
Formed in 2015, Legend Biotech is developing cell-based therapeutics to treat diseases including cancer and has drug candidates for haematological malignancies and solid tumours in clinical testing from phase 1 to 3. It also has an HIV drug in the preclinical phase.
The company made a $133m loss in 2019 from $57.4m in revenue, according to the filing, which stated that JJDC will take a 1.3% stake in the company through the round while Lilly Asia Ventures will hold 0.5%.
The funding will be channelled into the establishment of a research and development platform in addition to expanding Legend Biotech’s manufacturing capabilities and advancing its product pipeline.
