BUZZ-Legend Biotech gains as key shareholder to deconsolidate co

Reuters

2024-10-22

** Shares of cancer therapy maker Legend Biotech up about 8% at $46.80 before the bell

** Board of Genscript , a key shareholder of LEGN, has "resolved to deconsolidate the Legend Group", the life sciences firm said on Tuesday

** Genscript said that after the deconsolidation, it will account for its investment in LEGN using equity method

** Genscript expects to recognize a one-time gain related to the deconsolidation

** As of Dec. 31, 2023, Genscript owned about 174.5 million shares of LEGN

** As of last close, LEGN down about 28% YTD

(Reporting by Bhanvi Satija in Bengaluru)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))

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