LianBio completes strategic review, cuts jobs; shares up

LianBio

13/02/2024 14:32

** Shares of biotech firm LianBio  LIAN.O  rise 18.8% to
$4.80 in early trading
    ** Co says it has completed a strategic review and plans to
initiate the winding down of its operations, including the sale
of drugs in development
    ** LIAN expects wind-down activities to be completed by the
end of 2024
    ** Expects to reduce its workforce by over 50 full-time
employees, or ~50% of its current employee base, in Q1 2024
    ** Says anticipates complete dissolution during H1 2027
    ** Up to last close, stock up ~89% in the last 12 months

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))