LEGN’s New CEO From Novartis Paves Way For Buyout Speculation

• Chairman Frank Zhang said the board picked Ingrid Zhang after a full search to guide Legend through its next phase of growth.
• Legend’s commercial engine is CARVYKTI, a CAR-T cell therapy for multiple myeloma developed and sold with Johnson & Johnson.
• Retail is anticipating a buyout of Legend, with some speculating it would come from one of the company’s partners.

Legend Biotech (LEGN) named Ingrid Zhang as chief executive on Tuesday, ending a two-month search that began when former CEO Ying Huang resigned in July and setting the stage to expand its offerings beyond CARVYKTI and paving the way for buyout speculation.

The company said that the new CEO appointment is effective immediately. Alan Bash, who ran the company on an interim basis, will return to his job as president of CARVYKTI.

Zhang most recently served as chief commercial officer for Novartis International. She also led Novartis’s China business and its innovative-medicines organization and spent earlier years at AstraZeneca, Pfizer, and McKinsey. Chairman Frank Zhang said the board picked her after a full search to guide Legend through its next phase of growth. Zhang said she wants to build on the company’s cell-therapy foundation, push the pipeline, and execute the long-term plan.

JNJ Partnership For CARVYKTI

Legend’s commercial engine is CARVYKTI (ciltacabtagene autoleucel), a CAR-T cell therapy for multiple myeloma developed and sold with Johnson & Johnson. The partners share costs and profits outside Greater China. CARVYKTI is now in 19 markets and about 348 treatment centers. Second-quarter net trade sales were about $657 million, up 50% from a year earlier. Full-year 2025 sales were about $1.9 billion, and first-half 2026 sales were about $1.25 billion. Legend is still trying to move the drug earlier in myeloma, with several studies studying the drug in newly diagnosed patients.

Novartis-Legend Partnership

In November 2023, Legend licensed Novartis exclusive worldwide rights to DLL3-targeted CAR-T therapies, including LB2102, for small-cell lung cancer and related tumors. Novartis paid $100 million up front and could owe up to $1.01 billion in milestones, plus royalties.

Legend ran the U.S. early-stage study for LB2102. Novartis is responsible for later development, manufacturing, and sales. Early LB2102 data showed responses in heavily pretreated patients; the program is now in follow-up.

Beyond that, Legend is advancing LB1908 in gastric and pancreatic cancers, LB2401 in myeloma, and an in vivo CAR-T program, LB2501, with an investigational new drug filing expected in the second half of 2026.

How Did LEGN Retail Traders React?

On Stocktwits, retail sentiment around LEGN stock shifted from ‘bearish’ to ‘neutral’ over the past 24 hours, while message volume rose from ‘extremely low’ to ‘high’ levels.

A Stocktwits user expressed optimism about Novartis buying Legend.

Another user applauded the new CEO appointment, saying it might allow the company to put favorable pressure on its other partner, Johnson. “A blockbuster drug and a very promising pipeline will ultimately reward investors,” they added.

A third user opined that the stock is undervalued at current levels.

LEGN stock has fallen 19% year-to-date. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<