SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Disclose 7.3% Stake in Legend Biotech Corp

Sentiment:

Beneficial Ownership Disclosure 12 February 2025 2:19 PM

FMR LLC and its affiliates, along with Abigail P. Johnson, have reported a beneficial ownership of 7.3% in Legend Biotech Corp's common stock as of December 31, 2024.

Summary

FMR LLC and Abigail P. Johnson, as reporting persons, collectively hold beneficial ownership of 26,614,023.42 shares of Legend Biotech Corp's common stock.
This aggregate ownership represents 7.3% of the total outstanding common stock of Legend Biotech Corp.
FMR LLC holds sole voting power over 26,612,235.00 shares and sole dispositive power over 26,614,023.42 shares.
The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of Legend Biotech Corp.
Several FMR LLC subsidiaries and affiliates, including Fidelity Management & Research Company LLC, are identified as entities that beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.
Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC, is deemed to be part of a controlling group with respect to FMR LLC through the Johnson family's ownership and voting agreement.

Sentiment

Score: 6

Explanation: The document is a factual disclosure of beneficial ownership, which is generally neutral. The continued significant stake by a major institutional investor like FMR LLC could be viewed as a positive signal of confidence, but the document itself does not contain performance-related information to warrant a higher score.

Positives

A significant institutional investor (FMR LLC) maintains a substantial stake (7.3%) in Legend Biotech Corp, indicating continued confidence or a long-term investment strategy.
The filing explicitly states the shares were acquired and are held in the ordinary course of business, suggesting a passive investment rather than an activist intent to influence control.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Legend Biotech Corp's future performance or strategic direction.

Management Comments

The document does not contain direct quotes or paraphrased statements from Legend Biotech Corp's management. It includes certifications from FMR LLC's authorized signatory, Stephanie J. Brown, stating that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

This Schedule 13G filing indicates continued significant institutional investment in the biotechnology sector, specifically in Legend Biotech Corp. Large stakes by major asset managers like FMR LLC are common in the biotech industry, which often involves long-term investment horizons due to the nature of drug development and regulatory processes.

Comparison to Industry Standards

This document is an ownership disclosure and does not contain performance metrics that can be directly compared to industry standards or specific comparable companies/projects. The 7.3% stake held by FMR LLC is a substantial position for an institutional investor in a publicly traded biotech company, aligning with typical large-cap institutional portfolio allocations.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Director, Chairman, and Chief Executive Officer of FMR LLC	NA	Abigail P. Johnson	NA	NA

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Ownership Structure Disclosure	The document details the ownership structure and control within FMR LLC, specifically mentioning the Johnson family's predominant ownership of Series B voting common shares (49% voting power) and a shareholders' voting agreement, which deems them a controlling group.	NA	Clarifies the control structure of the reporting entity (FMR LLC) but does not indicate changes in Legend Biotech Corp's corporate governance.

Related Party Transactions

The document identifies FMR LLC and its various subsidiaries and affiliates (e.g., FIAM LLC, Fidelity Management & Research Company LLC) as entities beneficially owning shares, and notes the control structure of FMR LLC by the Johnson family. This outlines the relationship between the reporting parties but does not detail specific related party transactions involving Legend Biotech Corp.

Stakeholder Impact

Shareholders: The disclosure of a significant institutional stake by FMR LLC may provide a degree of confidence or stability, as it indicates a major investor's continued interest in the company.
Employees, Customers, Suppliers, Creditors: The document, being an ownership disclosure, has no direct or immediate impact on these stakeholders.

Next Steps

The document does not outline any specific future actions, events, or milestones for Legend Biotech Corp or the reporting persons beyond the ongoing regulatory reporting requirements.

Key Dates

Date	Description
2023-01-03	Effective date of Power of Attorney for FMR LLC and its direct and indirect subsidiaries.
2023-01-10	Date of Schedule 13G filing by FMR LLC where the Power of Attorney (accession number -23-000003) was incorporated by reference.
2023-01-26	Effective date of Power of Attorney for Abigail P. Johnson.
2023-01-31	Date of Schedule 13G filing by FMR LLC where Abigail P. Johnson's Power of Attorney (accession number -23-000038) was incorporated by reference.
2024-12-31	Date of event which requires filing of this statement (reporting date for beneficial ownership).
2025-02-11	Date of signing of the Schedule 13G Amendment No. 4.

Recommendation

hold

Keywords

Legend Biotech Corp, FMR LLC, Abigail P. Johnson, Schedule 13G, beneficial ownership, common stock, institutional investment, SEC filing, biotech, pharmaceuticals, investment management

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