On September 17, 2020, Legend Biotech Corp. (Legend) learned that the Customs
Anti-Smuggling Department (the Authority) of the Peoples Republic of China (PRC) inspected places of business in Nanjing and Zhenjiang, China, of GenScript Biotech Corporation
(GenScript), Legends parent majority shareholder, and certain of its subsidiaries, including Legends location in Nanjing, China, in connection with what Legend understands to be an investigation (the
Investigation) relating to suspected violations of import and export regulations under the laws of the PRC. In connection with the Investigation, the Authority also questioned employees of GenScript and its subsidiaries, including
certain Legend employees who were previously employed by GenScript.
In connection with the Investigation, Dr. Fangliang Zhang, the Chairman of the
Board of Directors and Chief Executive Officer of Legend and non-executive Chairman and former Chief Executive Officer of GenScript, is presently under residential surveillance in the PRC. Under
PRC law, residential surveillance is a measure by the law enforcement agencies to restrict a suspect from leaving his residence or a designated residence within a specified period of time, monitor his behavior and restrict his personal freedom. At
this time, the Authority has not provided any document indicating that the residential surveillance of Dr. Zhang relate to his role as an executive officer or director of Legend. Dr. Zhang remains Chairman of the Board of Directors of
Legend.
At this time, to Legends knowledge, no charges have been filed against any entity or individual.
Legend has not experienced any operational disruptions as a result of the Investigation, and is presently conducting normal day-to-day operations.
In light of the current restrictions on Dr. Zhang, Legends Board of Directors
has appointed Dr. Ying Huang, currently Legends Chief Financial Officer, to serve as the Interim Chief Executive Officer, effective as of September 21, 2020. Dr. Huang will continue in his role as Legends Chief Financial
Officer.
Ying Huang, Ph.D., has served as Legends Chief Financial Officer since July 2019. Prior to joining Legend, Dr. Huang was a Managing
Director and Head of Biotech Equity Research at BofA Securities, Inc. from August 2014 to July 2019, where he led a team of analysts covering more than 30 biotechnology companies including Amgen, Gilead, Celgene, Biogen and others that encompass a
wide range of therapeutic areas. Dr. Huang has been a biotechnology analyst since 2007 and previously worked at Wells Fargo (formerly Wachovia), Credit Suisse, Gleacher and Barclays before joining BofA Securities, Inc. Prior to his Wall Street
career, Dr. Huang was a Principal Scientist at Schering-Plough (now part of Merck & Co.) in the Department of Chemical Research focusing on small molecule drug discovery in the therapeutic areas of cardiovascular and central nervous
system. He is also the co-author of multiple patents and peer-reviewed publications. Dr. Huang holds a Ph.D. in Bio-organic Chemistry from Columbia University.
Dr. Huang also studied at Columbia Business School and in the Special Class for the Gifted Young at the University of Science and Technology of China.