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Legend Buyout Report Boosts, Validates China Biotech

Another In String Of Recent Deals?

 
• By Brian Yang

A reported buyout bid for Legend Biotech has delivered a much needed shot of confidence to the Chinese biotech sector, despite not being confirmed. Amid a shifting environment, Hengrui also sees globalization as essential to its future.

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Legend buyout offer bolsters China biotech, Hengrui sees going global as essential • Source: Shutterstock

On 12 July, Legend Biotech Corp., a successful China and US-based cell therapy developer, was reported to have received a buyout offer and retained investment bankers at Centerview Partners to help review the proposal.

The development, reported by Street Insider quoting anonymous sources and not confirmed by Legend, was said to be offering a 30-50% premium over Legend's $55 per share price before the offer and would be subject to shareholder approval

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