Legend Biotech(LEGN) ZACKS·2024-07-15 14:21Legend Biotech Overview - Legend Biotech's shares rose 12 1% on Friday following a takeover bid report from an unidentified bidder [10] - The company hired investment banking firm Centerview Partners to review the takeover offer [11] - Legend Biotech currently has only one marketed product, Carvykti, an autologous CAR-T cell therapy for multiple myeloma (MM), marketed in partnership with Johnson & Johnson [12] Carvykti and Abecma Comparison - Carvykti and Abecma are both FDA-approved CAR-T therapies with similar mechanisms, but Carvykti has an edge due to its use as an earlier line of treatment in MM patients [2] - The FDA granted label expansion to Carvykti in April, allowing it to treat adult MM patients who have received at least one prior line of therapy, compared to its previous fifth-line treatment approval [7] - Before the label expansion, only 15% of initially diagnosed MM patients in the US could start a fifth line of therapy, but the new label is expected to cater to a wider patient population [8] Manufacturing and Revenue Potential - Johnson & Johnson claims to have more than doubled its manufacturing capacity last year in anticipation of increased demand for Carvykti post-label expansion [8] - The new labels for both Carvykti and Abecma are expected to boost their revenue-generating potential [2] Industry and Competitor Impact - Legend Biotech's rival, 2seventy bio (TSVT), also saw a 7% increase in shares on July 12 due to the takeover report [1] - 2seventy bio markets Abecma in partnership with Bristol Myers, which also received FDA label expansion for treating adults with r/r MM who have received two or more prior lines of therapy [4] Stock Performance - Year to date, Legend Biotech's shares have lost 9 7% compared to the industry's 2 6% fall [5]