LianBio Confirms Receipt of Unsolicited Proposal from Concentra Biosciences
01 Diciembre 2023 - 3:05PM
The Board of Directors (the “Board”) of LianBio (NASDAQ: LIAN), a
biotechnology company dedicated to bringing innovative medicines to
patients in China and other major Asian markets, today confirmed
that Concentra Biosciences, LLC (“Concentra”), of which Tang
Capital Partners, LP is the controlling shareholder, has made an
unsolicited and non-binding proposal (the “Proposal”) to acquire
100% of the equity of LianBio. According to the Schedule 13D filed
on November 30, 2023 with the U.S. 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.
The Board is committed to acting in the best
interests of all shareholders, consistent with its fiduciary
duties. A further announcement will be made in due course.
About LianBio
LianBio is a cross-border biotechnology company
on a mission to bring transformative medicines to historically
underserved patients in China and other Asian markets. Through
partnerships with highly innovative biopharmaceutical companies
around the world, LianBio is advancing a diversified portfolio of
clinically validated product candidates with the potential to drive
new standards of care across oncology, ophthalmology, and
inflammatory disease indications. LianBio is establishing an
international infrastructure to position the Company as a partner
of choice with a platform to provide access to China and other
Asian markets. For more information, please visit
www.lianbio.com.
Cautionary Note Regarding
Forward-Looking Statements
Statements in this press release about future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
forward-looking statements. The words “will,” “further,”
“potential,” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Forward-looking
statements in this press release include, but are not limited to,
statement concerning further announcement. Actual events or results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
determinations made by the Board following its evaluation of the
Proposal; the results of discussions with Concentra; changes in the
proposal from Concentra; risks related to the diverting of
management’s attention from LianBio’s ongoing business operations;
general market conditions; the impact of changing laws and
regulations and those risks and uncertainties described in
LianBio’s filings with the U.S. Securities and Exchange Commission
(SEC), including LianBio’s Annual Report on Form 10-K for the year
ended December 31, 2022 and subsequent filings with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and LianBio specifically disclaims any
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise. Readers
should not rely upon this information as current or accurate after
this publication date.
___________________________________
1 Includes Tang Capital Partners, LP, Tang Capital Management,
LLC and Kevin Tang.
For investor inquiries, please
contact:
Elizabeth Anderson, VP Communications
and Investor Relations
E:
elizabeth.anderson@lianbio.com
T: +1 646 655 8390
For media inquiries, please
contact:
Katherine Smith, Evoke
Canale
E:
katherine.smith@evokegroup.com
T: +1 619 849 5378
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