Legend Biotech has initiated an underwritten offering of $225 million in American Depositary Shares, each representing two ordinary shares. The company granted underwriters a 30-day option to acquire up to 15% additional ADSs at the offering price, subject to market conditions.
Legend Biotech launched an underwritten public offering of $225 million in American Depositary Shares, with each ADS representing two ordinary shares. The offering is being made under an existing shelf registration statement and will use a written prospectus and supplement.
The company has granted the underwriters a 30-day option to purchase up to an additional 15% of the ADSs sold at the public offering price, less underwriting discounts and commissions.
Morgan Stanley, Jefferies, Citigroup and Deutsche Bank Securities are serving as joint book-running managers for the offering, coordinating the sale and distribution of the ADSs.
Completion of the offering depends on market conditions and there can be no assurance the offering will proceed as planned, potentially leading to share dilution if fully subscribed.
