Chinese biotech startup LianBio, set up by US hedge fund Perceptive Advisors, is planning to launch an initial public offering on the Nasdaq Global Market, per its filing with the US Securities and Exchange Commission.
Goldman Sachs, Jefferies, and BofA Securities are serving as joint book-runners while Raymond James is the lead manager for the manager. The filing did not disclose any financial details related to the offering. LianBio will float its American depositary shares under the symbol LIAN.
LianBio intends to invest the proceeds for clinical trials of product candidates, commercialisation, new business development and working capital enhancement, it said.
Perceptive Advisors along with an array of strategic investors such as Myokardia, BridgeBio Pharma, and QED Therapeutic co-founded LianBio in August last year. LianBio, with offices in Shanghai and New Jersey, runs as a global biopharmaceutical firm with an aim to introduce in-licensing assets for Greater China and other Asian markets.
Two months after its inception, LianBio had received a corpus of $310 million in strategic financing from Perceptive Advisors, RA Capital, Pfizer’s investment arm Pfizer Ventures, Tybourne Capital Management, Sphera Healthcare and Chinese state-backed CMG-SDIC Capital.
Over the past year, LianBio has assembled a robust pipeline of nine drug candidates across five therapeutic areas – cardiovascular, ophthalmology, oncology, inflammation, and respiratory diseases.
The firm has partnered with leading majors like Pfizer, BridgeBio Pharma, and Tarsus Pharmaceuticals for the clinical trials of the drugs.
LianBio’s three largest institutional investors are Perceptive Advisors (62.4%), RA Capital (7.2%) and BridgeBio Pharma (5.8%).