Monday 7th of March 2022 03:42:37 AM

Johnson & Johnson’s Janssen unit and Legend Biotech ink interim supply deal

Gratitude Concept With Heart Symbol Eoneren/E+ via Getty Images The clinical-stage biopharmaceutical company, Legend Biotech (NASDAQ:LEGN), announced on Monday an Interim Product Supply Agreement with Janssen Biotech of Johnson & Johnson (NYSE:JNJ) for recently approved CAR-T therapy, ciltacabtagene autoleucel (cilta-cel). The deal, which is connected to the 2017 deal between the two companies, will see Legend (LEGN) supplying cilta-cel to Janssen for worldwide clinical and commercial use (excluding Greater China), the company said in a regulatory filing. Per the terms, Janssen will initially pay a transfer price for Legend Biotech (LEGN) to cover the costs for production and supply. However, later, the two companies will equally share those costs according to the previous Collaboration and License Agreement. The agreement will be in place until certain conditions are met, including the European approval of cilta-cel, Legend (LEGN) said, adding that the company expects to form a Product Supply Agreement with Janssen to replace the interim deal. The new collaboration between the two companies comes at a time Johnson & Johnson (JNJ) is seeking biotech deals in China. Legend (LEGN) is currently trading ~5% lower in the pre-market. Last week, the U.S. Food and Drug Administration (FDA) cleared the use of cilta-cel in multiple myeloma.

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