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STAT Plus: China’s biggest-ever Nasdaq biotech IPO comes at an awkward time

Legend Biotech raised more than $400 million in a Nasdaq IPO on Friday, marking the largest U.S. debut for Chinese drug maker. But Legend’s Wall Street success arrives at an uncertain time for Chinese companies, as a bipartisan group of lawmakers is pushing a bill that could force it and scores of other companies off of U.S. exchanges.

Legend, which is headquartered in Nanjing, priced 18.4 million shares at $23 each. Legend’s most advanced treatment, a CAR-T cancer therapy partnered with Johnson & Johnson, demonstrated impressive results in multiple myeloma in data presented last week.

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