The Biotech Urban Legend

In the early afternoon of June 5, 2017, at the annual American Society of Clinical Oncology (ASCO) conference, hundreds of the world’s leading cancer researchers, pharmaceutical firms and biotech investors focused their attention on a virtually unknown Chinese firm called Legend Biotech. At that time, the U.S. company Johnson & Johnson’s $10.6 billion research and development budget amounted to $3 billion more than all Chinese pharmaceutical firms combined. But despite hailing from a

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