Legend Biotech Considering Second Listing Outside US: Report

Legend Biotech Corp. (LEGN) is reportedly considering a second listing outside of the US.

According to a Bloomberg report on Friday, which cited unnamed people familiar with the matter, the New Jersey-headquartered company has discussed a second listing option with potential advisers. The company may list in Hong Kong, Singapore, or London, the report stated, while noting that a second listing could help boost the company's valuation, particularly if in Hong Kong.

Hong Kong is currently emerging as a hub for biotech company listing, and the city’s Hang Seng Biotech Index has surged more than 100% this year, the report added.

However, the company is only considering a second listing and may eventually decide against it, sources told Bloomberg.

LEGN shares traded 3% higher at the time of writing. On Stocktwits, retail sentiment around LEGN stayed within ‘neutral’ territory over the past 24 hours, while message volume stayed at ‘normal’ levels.

In August, Legend reported second-quarter (Q2) adjusted net income of $10.1 million, compared to an adjusted net loss of $2.5 million for the three months ended June 30, 2024, and total revenue of $255.1 million. The company ended June with cash and cash equivalents, as well as time deposits, totaling $1 billion.

Legend, founded in 2014, is centered in the U.S. despite having roots in China and employs over 2,800 people. It's known for Carvykti, a one-time treatment for relapsed or refractory multiple myeloma, which it develops and markets in collaboration with Johnson & Johnson.

LEGN stock is up 11% this year but down approximately 33% over the past 12 months.

Read also: Immunome Stock Rises After Craig-Hellum Initiates Coverage With $26 Price Target: Here’s Why The Analyst Sees An ‘Attractive Entry Point’

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