LianBio confirms unsolicited bid from Concentra Biosciences

2 December 2023

Shares of Sinno-American biotech LianBio (Nasdaq: LIAN) rose 3.4% to $4.22 on Friday, after it confirmed that Concentra Biosciences, of which Tang Capital Partners the controlling shareholder, has made an unsolicited and non-binding proposal to acquire 100% of the equity of LianBio.

According to the Schedule 13D filed on November 30, 2023 with the US Securities and Exchange Commission (SEC) disclosing the proposal, Tang Capital1 is currently approximately an 8.6% shareholder of LianBio.

The proposal consists of $4.30 in cash per share plus a contingent value right representing the right to receive 80% of the net proceeds payable from any license or disposition of LianBio’s programs. The proposal is subject to limited confirmatory due diligence and is based on the availability of at least $515 million of cash and cash equivalents at closing, net of any residual liabilities and closing costs.

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