Legend Biotech Corporation (NASDAQ: LEG N) disclosed that it has commenced an underwritten public offering of American Depositary Shares (ADS) valued at $225 million. Each ADS represents two ordinary shares, and the company intends to offer all of the ADSs to the market. The underwriters have been granted a 30‑day option to purchase up to an additional 15% of the shares sold at the public offering price, less underwriting discounts and commissions. The offering is subject to market conditions, and Legend Biotech noted that there is no assurance regarding the timing, completion, or final size and terms of the offering. Morgan Stanley, Jefferies, Citigroup and Deutsche Bank Securities are serving as joint book‑running managers for the transaction. Following the announcement, Legend Biotech’s shares declined 4.7% in after‑hours trading. The company, which employs over 3,000 people and operates primarily in the United States, develops CARVYKTI, a CAR‑T cell therapy for relapsed or refractory multiple myeloma, marketed in collaboration with Johnson & Johnson.