Megarounds for Chinese biopharmas Legend, RemeGen to support late-stage push

A pair of Chinese biotechs raised rounds topping $100 million this week, with Legend’s fund-raise coming ahead of a planned U.S. IPO and regulatory submissions for its lead CAR T targeting BCMA, and cancer and autoimmune company RemeGen adding at least four new investors to its syndicate.

Legend Biotech Co.’s $150.5 million series A round comes a month after parent GenScript Biotech Corp. (HKSE:1548) unveiled plans to spin out its CAR T unit whose closely-watched lead compound is partnered with the Janssen Biotech Inc. unit of Johnson & Johnson (NYSE:JNJ). Legend plans to list on a U.S. exchange; its prospectus is under SEC review (see “GenScript Planning to Spin Out CAR T Unit Legend”)...