LianBio Shares Gain After Co Announces Plans to Wind Down

Dow Jones02-13

By Mary de Wet

LianBio shares were up nearly 17% in premarket trading Tuesday after the troubled biotechnology company said it would wind down its operations.

The American Depositary Shares recently traded at $4.72 and had been rangebound between $3.50 and $4.50 since late October.

The board declared a special cash dividend of $4.80 a share as part of the wind-down plan.

Shanghai-based LianBio has struggled to turn a profit. In its third-quarter earnings report, the company said it had incurred operating losses since its inception and had an accumulated deficit of $540.2 million as of Sept. 30.

In December, LianBio's chief executive and chief financial officers left the company, about two weeks after the board chose not to pursue an unsolicited buyout offer from Concentra Biosciences of $4.30 a share.

LianBio said Tuesday that it expected the wind down, which includes laying off staff and selling its pipeline assets, to conclude by the end of 2024. The ADS are likely to be delisted from the Nasdaq Global Market in March.

Write to Mary de Wet at mary.dewet@dowjones.com

(END) Dow Jones Newswires

February 13, 2024 08:28 ET (13:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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