Legend Biotech Corporation (Nasdaq: LEGN) announced the pricing of an underwritten public offering of American Depositary Shares, raising approximately USD 226 million in gross proceeds. The financing comes as the company targets company-wide profitability in 2026 while continuing to expand the commercial reach of its lead CAR-T therapy, ciltacabtagene autoleucel (Carvykti).
The offering comprises 7,700,000 ADSs, each representing two ordinary shares, priced at USD 29.35 per ADS. Legend has granted underwriters a 30-day option to purchase up to an additional 1,155,000 ADSs at the same price, which would increase total gross proceeds to around USD 260 million if exercised in full.
Originally founded in China, cell therapy specialist Legend is now New Jersey-based with over 3,000 employees, focused on developing and commercializing CAR-T therapies. Its lead commercial asset, ciltacabtagene autoleucel (Carvykti), is a BCMA-directed autologous CAR-T therapy approved for relapsed or refractory multiple myeloma, co-developed and co-commercialized with Johnson & Johnson under a collaboration and license agreement originally signed in 2017.
Commercially, Carvykti has demonstrated accelerating uptake. Q1 2026 net trade sales reached approximately USD 597 million, a 62% increase versus Q1 2025, with the therapy now available across 18 global markets and more than 300 treatment sites. Label expansions into earlier lines of treatment in the US, EU, and Brazil have materially broadened the eligible patient population. In April 2026, Legend Biotech achieved USD 55 million in milestones under the Janssen agreement. The company reported cash and cash equivalents plus time deposits of USD 834.6 million as of March 31, 2026, and has indicated it expects to achieve company-wide adjusted profitability in 2026.