Genscript Biotech's multiple myeloma-focused spinoff, which counts Eli Lilly and Johnson & Johnson among its investors, has completed an initial public offering in the US.

Legend Biotech, a cellular therapy developer spun off by China-based biotech producer Genscript Biotech, closed its initial public offering at about $487m yesterday.

The IPO consisted of approximately 21.2 million American depositary shares, representing two common shares each, on the Nasdaq Global Select Market. They were priced at $23.00 each, above its $18 to $20 range.

That amount includes the full over-allotment option, which was exercised by joint book-running managers Morgan Stanley, JP Morgan and Jefferies, while GenScript bought…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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