LianBio rises as partner Bristol's heart disease drug gets U.S. approval

LianBio

29/04/2022 11:23

** Shares of China-focused biotechnology co  LIAN.O  rise
12.5% to $5.65 premarket
    ** Partner Bristol Myers Squibb's  BMY.N  oral heart disease
drug Mavacamten has been approved by U.S. FDA  urn:newsml:reuters.com:*:nL3N2WR018
    ** Jefferies sees U.S. approval as positive development for
LIAN, as it has commercial rights for China and is working on
future China approval
    ** Estimates drug would be worth $500 mln in China due to
pricing discount, but would still meaningfully contribute to
LIAN's future commercial portfolio in the country
    ** Three out of four brokerages rate stock 'buy' or higher,
one rates 'hold'; their median PT is $18
    ** Stock lost ~19% YTD

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))