LianBio jumps on agreement with Bristol Myers Squibb for heart disease drug

LianBio

24/10/2023 14:23

** Shares of  China-focused biopharma co LianBio  LIAN.O 
jump 80% to $2.5 premarket
    ** Co has entered into an agreement with Bristol Myers
Squibb  BMY.N  
    ** BMY has obtained LIAN's exclusive rights to develop and
commercialize heart disease drug mavacamten in Mainland China,
Hong Kong, Macau, Taiwan, Singapore and Thailand
    ** This is in conjunction with termination of the exclusive
license agreement LIAN previously had with MyoKardia, now a
wholly owned unit of BMY
   ** Under the terms of the agreement, LianBio will receive a
one-time payment of $350 mln
   ** LIAN will be released from payment obligations of up to
$127.5 million in remaining milestone payments under the
MyoKardia license agreement
    ** Up to last close, LIAN stock down ~15% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))