Legendary creature surges 60% on first day of U.S. IPO

. U.S. time on June 5, Kingsley subsidiary Legendary Bio listed on NASDAQ, with an initial public offering priced at $23 per ADS (two common shares), plus an oversubscribed portion of the underwriter, raising about $500 million. It opened at $37, up 60.9 percent from its offering price of $23.Rui Lucky short event plus the impact of the new crown epidemic, the crisis of confidence in China's general stock is serious, the road to the United States listing is more difficult, and for the choice of this time to the United States reasons, legendary biological response said that the company's main management and the future listing of drugs market for the global layout, and the cooperation of Johnson and Johnson's credit endorsement, and the traditional general stock there is a difference. At a time when oncology immunotherapy is hot, its star product, LCAR-B38M, will also be available in the U.S. by the end of the year and in China in 2021.Global layout, endorsement by Johnson and JohnsonIn fact, as early as March 2020, Kingsley in the 2019 financial results have disclosed that the company has submitted to the Stock Exchange about its cell therapy business to be separated to the United States independent listing proposal, and obtained the consent of the Stock Exchange. In mid-May, Kingsley made another announcement suggesting a spin-off of the legendary NASDAQ listing.But in the first half of 2020, as the short-selling events fermented, China's stock market generally suffered a crisis of confidence in the United States, in late April, the U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton is personally "" emerging markets, emphasizing the Chinese market there are information disclosure problems, to remind investors not to invest in China's stock, 2020 to the U.S. IPO of Chinese companies Liao Sheng.The crisis of confidence in China's general stock is not over yet, legendary creatures may go to the United States at this time may go up against the current? In this regard, the main reasons for the legendary biological response are: First, legendary biological major clinical trials in China and the United States at the same time, and the main management and drug market in the future, is also a global layout, and the traditional business mainly concentrated in China's Chinese general stock companies have a relatively large difference;As for the trust crisis encountered by China General Stock in the United States, Legendary Bio stressed that the company in this regard is also different from the traditional General Stock, the company's partners are one of the top pharmaceutical companies in the United States, Johnson and Johnson Pharmaceuticals, in clinical data, financial data and business operations to form a good endorsement, which helps to strengthen the trust of international investors in Legendary Life.It is reported that in April 2019, Kingsley announced that its subsidiary Legendary Bio and Johnson and Johnson Pharmaceuticals subsidiary Janssen Pharmaceuticals jointly developed and commercialized LCAR-B38M, and has been qualified by the European Medicines Agency (EMA) Priority Drug Recognition (PRIME). It became the first CAR-T product in China to be certified as an EMA Priority Drug.Earlier, Kingsley announced that it would spin off Legendary Bio's independent listing on NASDAQ under the code "LEGN" and intend to issue 18.425 million American Depositary Shares (ADS), while parent company Kingsley (01548) agreed to buy $12 million of common stock at the initial public offering price, after which Kingsley still owns 65 percent of Legendary.Car-T products are expected to be listed in the U.S. by the end of the yearpublic information shows that Nanjing Legendary Bio was founded in 2014 as a global clinical phase biopharmaceutical company dedicated to the discovery and development of new cell therapies for oncology and other adaptations.Legendary Biology's leading product is the developed and commercialized LCAR-B38M/JNJ-4528 in collaboration with Jansen for the inlay antigen-subject T-cell (CAR-T) cell therapy for B-cell mature antigens (BCMA) for patients with recurring or refractic multiple myeloma. It is currently in the process of registering for clinical trials.In June 2017, Legendary Creatures presented data on the treatment of recurring recurring refractic multiple myeloma with the trial-embedded antigen-receiving agent CART-T cell therapy at the General Conference of the American Society of Clinical Oncology (ASCO), becoming the "Big Black Horse" from China, and in December of the same year, Legendary Bio's LCAR-B38M CAR-T cell self-refracing agent submitted a clinical application in China and received CFDA. LCAR-B38M's new drug clinical applications are listed among the 44 drug registration applications to be included in the priority review process announced by CDE a week later. That month, Legendary also reached an agreement with Johnson and Johnson to jointly develop a global partnership for the legendary independently developed BCMA CAR-T, which received a $350 million down payment and was entitled to subsequent milestones.On March 13, 2018, parent company Kingsley announced that the CAR-T Therapy LCAR-B38M of Legendary Biology of the Subsidiary was approved by the CFDA Clinical Trials, becoming the first clinically approved CAR-T therapy in China.In January 2020, the fourth milestone in a U.S. clinical trial was reached, and Legend is entitled to a $30 million payment from Jansen for the fourth milestone.Up to now, LCAR-B38M Phase III clinical has been launched, Legendary Bio is expected to submit a U.S. listing declaration in the second half of 2020, and is expected to submit a new drug listing application in China in 2021.The market for multiple myeloma continues to grow and from the point of view of LCAR-B38M's adaptive multiple myeloma, multiple myeloma ranks among the top three hematomas. Guangfa Securities statistics, the world each year about 160,000 new patients, the United States each year about 30,000 new patients, China each year about 20,000 to 30,000 new patients. In addition, research shows that the global market size of multiple myeloma is expected to exceed $2.9 billion by 2022, of which the U.S. market is expected to account for more than 60% of the global market size. The CR of the end-line treatment of the existing multiple myeloma drug is only about 3% and mPFS is only about 4 months. In May 2020, Legendary Creatures disclosed phase 1b/2 clinical data at the ASCO Conference, and in 29 patients, BCMA products treated multiple myeloma with a total remission rate of 100% (ORR) and a strict full remission rate (CR) of 86%, achieving consistently safe and effective clinical results. CAR-T, on the other hand, is thought to be one of the potential ways to fight cancer. It is reported that up to now, modern anti-cancer has experienced three therapy "revolution", the 20th century appeared "chemotherapy drugs", into the 21st century targeted drugs appear, the second decade of the 21st century immunotherapy came out. Existing immunotherapy includes PD-(L)1 and CAR-T, which have been hot in recent years. PD-(L)1, represented by Mercadon's K-drug and BMS's O-drug, has more than 20 solid tumor adaptations and is estimated to be in the $100 billion market, and although CAR-T remains in the hematoma field and no solid tumor products have been approved for sale, it is still being watched as a hot new product. At present, domestic listed companies involved in the field of CAR-T include Fosun Pharma, Kingsley, Zoellick Pharmaceuticals, unlisted companies including Stansey and Huadao Bio. Among them, Fosun Pharmaceuticals investment joint venture company Fosun Kate's CD19CAR-T cell injection declaration production has been accepted by the Drug Administration, used to treat adult recurrence of recurring recurring large B-cell lymphoma. Zoellick Pharmaceuticals and Stamsai are both clinically clinical on hematomas and solid tumors. As for the future development of CAR-T therapy, Legendary Creatures expressed the belief that with the joint efforts of the industry, cell therapy technology will become one of the potential ways to fight cancer in the future.
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