Genscript Biotech Corp Class H

01548: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GenScript Announces Investment by Hillhouse Capital; FVE Unchanged

Jay Lee , Philip Gorham

May 18, 2021

On May 13, 2021, no-moat GenScript announced a total investment amount of USD 915 million by Hillhouse Capital into several of its entities, of which USD 767 million is for the purchase of newly issued shares and convertibles. This consists of USD 220 million into unlisted subsidiary ProBio, its biologics contract development and management organization, or CDMO, business; USD 300 million into its Nasdaq-listed subsidiary Legend Biotech, its Car-T and cell therapy business; and USD 395 million into GenScript, of which USD 247 million is for new shares and USD 148 million is transferred from the founders’ group.

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