NEW YORK CITY (dpa-AFX) - LianBio (LIAN) said it has reached an agreement with Bristol Myers Squibb, whereby Bristol Myers has obtained LianBio's exclusive rights to develop and commercialize mavacamten in Mainland China, Hong Kong, Macau, Taiwan, Singapore and Thailand, in conjunction with termination of the exclusive license agreement LianBio previously entered into with MyoKardia, Inc., now a wholly owned subsidiary of Bristol Myers, in August 2020 to acquire such rights.
In Tuesday pre-market trading, LIAN was trading at $2.52 up $1.13 or 81.99%.
As per the terms of the deal, LianBio will receive a one-time payment of $350 million. In addition, LianBio will be released from payment obligations of up to $127.5 million in remaining milestone payments under the MyoKardia license agreement.
In April 2023, the China National Medical Products Administration accepted with Priority Review a New Drug Application for mavacamten for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). LianBio received approval in Macau and Singapore for mavacamten for the treatment of adults with symptomatic oHCM in 2023.
LianBio's Board has initiated a comprehensive strategic review of the company. The LianBio Board of Directors expects to provide an update on its strategic review in the first half of 2024.
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