IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.</li>
<li>The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   </li>
</ul>



Legend Biotech Corp (LEGN US) shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.

Genscript Biotech (1548 HK), the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.
The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   


Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Legend Biotech received takeover interest and hired Centerview Partners to review the offer. Due to the satisfactory clinical results/promising commercialization outlook of Carvykti, Legend Bio is an attractive M&amp;A candidate.</li>
<li>Peak sales of Carvykti could exceed US$5 billion. After Carvykti is approved by the FDA/EC for 2L treatment of MM, future valuation leap of legend Bio is becoming more certain.</li>
<li>Legend Bio is clearly undervalued. We think reasonable market value range for Legend Bio is about US$12.5 – 15 billion, which means there is decent upward potential for share price.</li>
</ul>


Legend Biotech received takeover interest and hired Centerview Partners to review the offer. Due to the satisfactory clinical results/promising commercialization outlook of Carvykti, Legend Bio is an attractive M&amp;A candidate.
Peak sales of Carvykti could exceed US$5 billion. After Carvykti is approved by the FDA/EC for 2L treatment of MM, future valuation leap of legend Bio is becoming more certain.
Legend Bio is clearly undervalued. We think reasonable market value range for Legend Bio is about US$12.5 – 15 billion, which means there is decent upward potential for share price.


Legend Biotech (LEGN US) - A Takeover Offer?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Legend Biotech Corporation is a biotech company specializing in CAR-T cell therapy for the treatment of multiple myeloma.</li><li>In Quarter 1 2024, two major approvals by the US Food and Drug Administration (FDA) and European Commission for the company’s CARVYKTI therapy for second line relapsed or refractory multiple myeloma have solidified its position in the industry.</li><li>This historical quarterly update positions Legend Biotech's CARVYKTI on the path to transforming the treatment landscape for thousands of patients suffering from multiple myeloma.</li></ul>

Legend Biotech Corporation is a biotech company specializing in CAR-T cell therapy for the treatment of multiple myeloma.In Quarter 1 2024, two major approvals by the US Food and Drug Administration (FDA) and European Commission for the company’s CARVYKTI therapy for second line relapsed or refractory multiple myeloma have solidified its position in the industry.This historical quarterly update positions Legend Biotech's CARVYKTI on the path to transforming the treatment landscape for thousands of patients suffering from multiple myeloma.

Legend Biotech Corporation: Implementation of Commercial Launch of CARVYKTI & Other Major Drivers

<ul>
<li>The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.</li>
<li>The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.</li>
<li>However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.</li>
</ul>


The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.
The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.
However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.


Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape

<ul><li>This is our first report on biopharma player, Legend Biotech.</li><li>The company's Q4 earnings call displayed a balance of positive and negative performance aspects for the company.</li><li>Starting with positive highlights, the outlook is promising for their lead therapy, CARVYKTI, which has received a positive opinion from the Committee for Medicinal Products for Human Use for expansion into earlier lines of treatment.</li></ul>

This is our first report on biopharma player, Legend Biotech.The company's Q4 earnings call displayed a balance of positive and negative performance aspects for the company.Starting with positive highlights, the outlook is promising for their lead therapy, CARVYKTI, which has received a positive opinion from the Committee for Medicinal Products for Human Use for expansion into earlier lines of treatment.

Legend Biotech Corporation: Initiation of Coverage - Can They Flourish In The Competitive CAR-T Therapy Market? - Major Drivers

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

The chances for an offer are low as the offeror would face several hurdles. Nevertheless, the upcoming CARVYKTI commercial production in 2H24 will...

Arun George

Legend Biotech (LEGN US) - A Takeover Offer?

Legend Bio is an attractive M&A target with promising Carvykti outlook. Peak sales could reach over $5 billion. Legend Bio is currently...

Xinyao (Criss) Wang

Legend Biotech Corporation: Implementation of Commercial Launch of CARVYKTI & Other Major Drivers

Legend Biotech Corporation is a biotech company specializing in CAR-T cell therapy for the treatment of multiple myeloma. In Quarter 1 2024, two...

Baptista Research