Yuan Xu, the CEO of Legend Biotech (NASDAQ: LEGN) for the past two years, has resigned for “personal reasons,” the company announced Sunday. No other details were given. She has also stepped down from the Somerset, NJ, company’s board of directors.
Frank Zhang, chairman of Legend’s board and CEO of GenScript, the biotech’s largest shareholder, has been appointed Xu’s successor. Zhang founded Legend in 2015 as a GenScript subsidiary, according to the biotech. Legend spun off from its parent with the completion of its June IPO, which raised $424 million. Zhang has stepped down as GenScript’s CEO but will continue as Legend’s chairman. The biotech’s lead drug candidate, JNJ-4528, is a multiple myeloma cell therapy in clinical development with partner Janssen Biotech.