LianBio rockets on news of deal with BMS
Shares of Sinno-American biotech LianBio (Nasdaq: LIAN) shot up 120% to $3.06 in early US trading today, on the news of an agreement with US pharm major Bristol Myers Squibb (NYSE: BMY), whereby BMS has obtained LianBio’s exclusive rights to develop and commercialize Camzyos (mavacamten) in Mainland China, Hong Kong, Macau, Taiwan, Singapore and Thailand.
The deal is in conjunction with termination of the exclusive license agreement LianBio previously entered into with MyoKardia, now a wholly owned subsidiary of BMS, which forked out more than $13 billion in 2020 to buy MyoKardia, and gained US Food and Drug Administration approval for Camzyos, in 2022.
One time payment of $350 million
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