LianBio (Nasdaq: LIAN), a biotechnology company dedicated to bringing innovative medicines to patients in China and other major Asian markets, announced that the company has entered into an agreement with Bristol Myers Squibb (BMS), whereby BMS has obtained LianBio’s exclusive rights to develop and commercialize mavacamten in Mainland China, Hong Kong, Macau, Taiwan, Singapore and Thailand, in conjunction with termination of the exclusive license agreement LianBio previously entered into with MyoKardia, Inc., now a wholly owned subsidiary of BMS, in August 2020 to acquire such rights.
Under the terms of the agreement, LianBio will receive a one-time payment of $350 million. In addition, LianBio will be released from payment obligations of up to $127.5 million in remaining milestone payments under the MyoKardia license agreement.
In April 2023, the China National Medical Products Administration (NMPA) accepted with Priority Review a New Drug Application (NDA) for mavacamten for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). LianBio received approval in Macau and Singapore for mavacamten for the treatment of adults with symptomatic oHCM in 2023.
“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., Chief Executive Officer 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. As the global owner, BMS is ideally positioned to continue to build on the value we created for mavacamten in China and to optimize patient access to this important new medicine across these territories.”
“Expanding our footprint in China by bringing innovative medicines forward for patients suffering from serious diseases is an important strategic objective for the company,” said Adam Lenkowsky, Chief Commercialization Officer, Bristol Myers Squibb. “Many patients who suffer from obstructive HCM symptoms have a significant impact to their quality of life, which is why we’re excited to build upon the strong foundation that LianBio has created and to bring mavacamten to even more patients around the globe.”
BMS expects to offer employment to certain LianBio personnel working on the development and commercialization of mavacamten.
Centerview Partners LLC served as exclusive financial advisor to LianBio, and Jefferies LLC served as financial advisor to BMS.
In conjunction with this transaction, LianBio’s Board of Directors has initiated a comprehensive strategic review of the company. The LianBio Board of Directors expects to provide an update on its strategic review in the first half of 2024.