LianBio LIAN shares are trading higher Tuesday after the company announced an agreement with Bristol Myers Squibb BMY to purchase LianBio's exclusive rights to develop and commercialize mavacamten in mainland China, Hong Kong, Macau, Taiwan, Singapore and Thailand.
The Details:
Under the terms of the agreement, LianBio will receive a one-time payment of $350 million. The agreement also releases LianBio from payment obligations of up to $127.5 million in remaining milestone payments under the MyoKardia license agreement as MyoKardia, Inc. is now a wholly owned subsidiary of Bristol Myers Squibb.
"Over the past three years, we have worked in close collaboration with BMS to bring mavacamten to patients in Asia," said Yizhe Wang, Ph.D., CEO of LianBio. "The LianBio team executed a successful clinical development and regulatory strategy in our territories and has built robust launch infrastructure in anticipation of mavacamten's potential approval in China next year."
Shares of LIAN are up on heavy trading volume after the announcement. According to data from Benzinga Pro, more than 25.3 million shares have already been traded in the session, compared to the stock's 100-day average of 198 thousand shares.
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LIAN Price Action: According to Benzinga Pro, shares are up 90% at $2.65 at the time of publication.
Image: Jukka Niittymaa from Pixabay
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