LianBio had a busy end to 2023. In October, the biotech sold its marketing rights to the heart medicine mavacamten in Asian countries to Bristol Myers Squibb for $350 million.
Not long after, the company received an unsolicited bid from Tang Capital’s Concentra Biosciences, which was attracted to LianBio’s cash influx and search for strategic alternatives. Concentra offered $4.30 per share, as well as a contingent value right, in its takeover proposal.
LianBio’s board turned down the offer several days later, stating the proposal undervalued the company.
