Legend Biotech Prices $226M Public Offering at $29.35 Per ADS
LEGN sits 94% above its 52-week low of $16.24.
Summary
Legend Biotech priced its public offering of 7.7 million American Depositary Shares (ADS) at $29.35 per ADS, expecting gross proceeds of approximately $226 million. This follows the announcement yesterday of a proposed $225 million offering. The offering is dilutive for existing shareholders, representing about 3.6% of the company's market capitalization. The pricing at $29.35 per ADS is below the current market price of $31.4997, which could exert downward pressure on the stock.
At the time of this announcement, LEGN was trading at $31.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $16.24 to $45.30. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.