A Leader in Gene Synthesis, and a CRO, CDMO, and Biotech All Rolled Into One

GenScript Biotech provides life science research services and products, and is well known for its gene synthesis capabilities. Its business can roughly be divided into non-cell therapy, or NCT, businesses and a cell therapy business. The latter is contained in its NASDAQ-listed subsidiary, Legend Biotech, whose key pipeline product is "cilta-cel," a CAR-T therapy for multiple myeloma. We estimate that more than two thirds of GenScript's value comes from Legend. Like most of the clinical-stage biotech companies we cover, we do not assign GenScript a moat rating.