Legend Biotech Names Current Chief Financial Officer, Ying Huang, as Interim CEO
21 September 2020 - 8:30PM
Business Wire
Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”), a
global, clinical-stage biopharmaceutical company engaged in the
discovery and development of novel cell therapies for oncology and
other indications, today announced that its Board of Directors has
appointed Dr. Ying Huang as interim Chief Executive Officer,
effective immediately. Dr. Huang will continue to hold his position
of Chief Financial Officer. Dr. Zhang remains Chairman of the Board
of Directors of Legend Biotech.
On September 17, 2020, Legend Biotech learned that the Customs
Anti-Smuggling Department (the “Authority”) of the People’s
Republic of China (“PRC”) inspected places of business in Nanjing
and Zhenjiang, China, of GenScript Biotech Corporation
(“GenScript”), Legend Biotech’s parent majority shareholder, and
certain of its subsidiaries, including Legend Biotech’s location in
Nanjing. The inspections are in connection with what Legend Biotech
understands to be an investigation relating to suspected violations
of import and export regulations under the laws of the PRC. In
addition to the inspections, the Authority also questioned certain
Legend Biotech employees who were previously employed by GenScript.
In connection with the investigation, Chief Executive Officer and
Chairman of Legend Biotech and non-executive Chairman and former
Chief Executive Officer of GenScript, Dr. Fangliang Zhang, is
presently under residential surveillance by PRC law enforcement.
Legend Biotech has furnished a report on Form 6-K with the U.S.
Securities and Exchange Commission, which includes additional
information about these events.
As a result of this situation, the Board of Directors has
appointed Dr. Huang to serve as interim CEO, effective immediately.
The Authority has not provided any documents indicating that the
questioning or residential surveillance of Dr. Zhang relates to his
role as an officer or director of Legend Biotech, nor have charges
been filed against any entity or individual at this time.
Importantly, Legend Biotech has not experienced any operational
disruptions as a result of the investigation and remains focused on
conducting its business in the normal course.
“Dr. Huang’s expertise and leadership, with the support of
Legend Biotech’s Board of Directors and experienced management
team, enable him to continue the important work underway to advance
the development of our lead product candidate, ciltacabtagene
autoleucel (cilta-cel), as well as our other pipeline programs,
until such time when Dr. Zhang is able to resume his duties,” said
member of the Board of Directors and Audit Committee Chair, Philip
Yau.
“As we await clarity from the Authority, Legend Biotech remains
focused on our path forward with upcoming regulatory and data
milestones for cilta-cel and IND application for LB1901 being
assessed in T-cell lymphoma, in addition to our internal pipeline.
I am committed to ensuring that our company remains focused during
this important time,” said Dr. Huang.
Since joining the company in July 2019, Dr. Huang played a
central role during the company’s crossover round financing and
IPO, which was among the largest biotech IPOs of 2020. In addition
to having responsibility for Legend Biotech’s financial function,
he is a core member of the Legend team that manages the company’s
collaborative efforts. Dr. Huang brings more than nine years of
experience in research and development at major pharma and 12 years
of experience as a biotechnology analyst on Wall Street, where he
was recognized by the Institutional Investor survey as a top-ranked
biotechnology analyst. Prior to joining Legend Biotech, Dr. Huang
was Managing Director and Head of Biotech Equity Research at Bank
of America Merrill Lynch and, prior to that, held posts at
Wachovia, Credit Suisse, Gleacher and Barclays.
Prior to his Wall Street career, Dr. Huang was a Principal
Scientist at Schering-Plough (now Merck & Co.) in the
Department of Chemical Research, where he focused on small molecule
drug discovery in the therapeutic areas of cardiovascular and the
central nervous system. He is a co-author of multiple patents and
peer reviewed publications. Dr. Huang received his Ph.D. in
Bio-organic Chemistry from Columbia University. He also studied in
the Special Class for the Gifted Young at the University of Science
and Technology of China and Columbia Business School.
About Legend Biotech
Legend Biotech is a global clinical-stage biopharmaceutical
company engaged in the discovery and development of novel cell
therapies for oncology and other indications. Our team of over 700
employees across the United States, China, and Europe, along with
our differentiated technology, global development, and
manufacturing strategies and expertise, provide us with the strong
potential to discover, develop, and manufacture best-in-class cell
therapies for patients in need. We are engaged in a strategic
collaboration to develop and commercialize our lead product
candidate, ciltacabtagene autoleucel, an investigational
BCMA-targeted CAR-T cell therapy for patients living with multiple
myeloma. This candidate is currently being studied in
registrational clinical trials.
Learn more at www.legendbiotech.com
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the development and
advancement of Legend’s program pipeline and the potential
contribution of Dr. Huang as interim Chief Executive Officer, as
well as the Authority’s investigation, the restrictions to which
Dr. Zhang is subject, and the resulting impact on Legend. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including the factors discussed in the “Risk Factors”
section of the prospectus filed with the Securities and Exchange
Commission. Any forward-looking statements contained in this press
release speak only as of the date hereof, and Legend Biotech
specifically disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Readers should not rely upon the information on this
page as current or accurate after its publication date.
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version on businesswire.com: https://www.businesswire.com/news/home/20200921005232/en/
Media and Investor Relations: Jessie Yeung, Head of
Corporate Finance and Investor Relations, Legend Biotech
jessie.yeung@legendbiotech.com or investor@legendbiotech.com or
media@legendbiotech.com
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