Hailshadow/iStock via Getty Images Update 2:50pm : Adds shares of 2Seventy Bio. Legend Biotech ( NASDAQ: LEGN ) jumped 12% amid takeover speculation. The biotech firm received takeover interest and hired investment bank Centerview Partners to help its board to review the offer and other options, according to a Street Insider report on Friday, which cited an unidentified source.
The identity of the bidder wasn't known. Legend Biotech ( LEGN ) didn't respond to Street Insider and Seeking Alpha's requests for comment. Legend has a market cap of almost $9 billion.
Legend Biotech ( LEGN ) is set to report its Q2 results on Aug. 9. Legend ( LEGN ) markets BCMA-directed CAR-T cell therapies with J&J ( JNJ ).
Its rival 2Seventy Bio ( TSVT ) which also markets a similar drug with Bristol Myers ( BMY ), also rose 8% in reaction. More on Legend Biotech Legend Biotech's Carvykti Faces Stiff Challenges Despite Advances Legend Biotech Corporation 2024 Q1 - Results - Earnings Call Presentation Legend Biotech Corporation (LEGN) Q1 2024 Earnings Call Transcript BMO sees BMRN, LEGN, SLN as attractive M&A targets J&J says Carvykti beat standard drugs in late-stage blood cancer trial.
