China-based LianBio (OTCMKTS: LIANY) has announced that its board of directors has unanimously decided not to proceed with a buyout proposal from Concentra Biosciences LLC, deeming the offer not to be in the best interests of shareholders.
In early December, Concentra Biosciences LLC, a company under the control of private equity fund Tang Capital Partners LP, made an unsolicited offer to acquire 100% of LianBio’s equity at a price of USD 4.30 per share in cash, valuing the company at approximately USD 465 million. The proposed deal would have granted Concentra/Tang the right to receive 80% of the net proceeds from any licensing or disposition of LianBio’s programs. LianBio had previously indicated in late Q3 2023 that it was conducting a strategic review of its operations aimed at maximizing shareholder value.- Flcube.com
