Legend Biotech is evaluating secondary listing options in Hong Kong, Singapore or London following its NASDAQ debut in June 2020, seeking to capitalise on strong investor interest in biopharmaceutical stocks, according to insiders contacted by Bloomberg. The CAR-T specialist's market capitalisation has grown 40% to USD 6.66 billion since initial public offering, driven by commercial success of cell therapy Carvykti (ciltacabtagene autoleucel) which achieved USD 808 million sales in H1 2025 with 136% year-on-year growth in Q2. Legend anticipates operational break-even by end 2025 and full profitability in 2026 as it expands manufacturing capacity in Belgium.

Beyond Carvykti, Legend's pipeline includes autologous and allogeneic cell therapies targeting GPRC5D, Claudin18.2 and DLL3 for solid tumours and autoimmune diseases. Phase I data presented this year showed promising activity for LB1908 in gastric cancer and LB2102 in small cell lung cancer (SCLC), the latter partnered with Novartis through a 2023 licensing agreement. The company's diversification into CAR-NK, CAR-γδT and bispecific antibodies (BsAbs) supports long-term growth beyond its lead multiple myeloma (MM) therapy.

According to PharmCube's NextBiopharm® database, the last time Legend obtained funds from a business development deal was in 2023, when it licensed two assets to Novartis for USD 100 million upfront. Click here to request a free trial for NextBiopharm®.