Brief: LianBio Announces Completion Of Strategic Review

LianBio

13/02/2024 12:44

Feb 13 (Reuters) - LianBio  LIAN.O :
    * LIANBIO ANNOUNCES COMPLETION OF STRATEGIC REVIEW
    * LIANBIO: EXPECTS TO REDUCE ITS WORKFORCE BY OVER 50
FULL-TIME
EMPLOYEES, OR APPROXIMATELY 50% OF COMPANY'S CURRENT EMPLOYEE
BASE, IN Q1 OF 2024
    * LIANBIO: WILL BEGIN TO WIND DOWN OPERATIONS IMMEDIATELY
AND
INTENDS TO PURSUE SALE OF ITS REMAINING PIPELINE ASSETS
    * LIANBIO: TO MAINTAIN CORE GROUP OF EMPLOYEES NECESSARY TO
IMPLEMENT ORDERLY WIND DOWN OF CO
    * LIANBIO: TO DISTRIBUTE ANY PROFITS FROM SALES TO
THEN-CURRENT
SHAREHOLDERS IN SUBSEQUENT DISTRIBUTION BEFORE FINAL DISSOLUTION
OF CO
    * LIANBIO: ADDITIONAL WORKFORCE REDUCTIONS WILL OCCUR OVER
COURSE
OF 2024
    * LIANBIO: DECLARED SPECIAL CASH DIVIDEND OF $4.80 PER
ORDINARY
SHARE, INCLUDING ORDINARY SHARES REPRESENTED BY ADSS
    * LIANBIO: PROVIDED NOTICE TO NASDAQ THAT IT INTENDS TO FILE
FORM
25 WITH SEC ON OR ABOUT MARCH 8 TO EFFECT VOLUNTARY DELISTING OF
CO'S ADSS FROM NASDAQ
    * LIANBIO: CURRENTLY EXPECTS THAT LAST DAY OF TRADING ON
NASDAQ
WILL BE ON OR ABOUT MARCH 18
    * LIANBIO: SEES FULL WIND DOWN OF OPERATIONS, TERMINATION OF
EMPLOYEES TO BE SUBSTANTIALLY COMPLETE BY END OF 2024
    * LIANBIO: COMPLETE DISSOLUTION EXPECTED TO OCCUR DURING
FIRST
HALF OF 2027

Source text for Eikon:  ID:nGNX6m8QyP 
Further company coverage:  LIAN.O 

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