Legend Biotech to sell about 7.7M shares at $52.24 per ADS in private placement

In a regulatory filing, Legend Biotech announced that the company entered into a subscription agreement with an institutional investor relating to the offer and sale of 7,656,968 ordinary shares of the company in a private placement at a purchase price of $26.12 per ordinary share, equivalent to a price of $52.24 per American Depositary Share, or ADS. The subscription agreement "contains customary representations, warranties and covenants of the company and investor, and customary indemnification provisions for a transaction of this type. The company also granted the investor customary registration rights with respect to ordinary shares acquired in the PIPE offering," the filing stated.