1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
LIAN
Listed on
2021-11-01
Sector
Health Care
Subsector
Pharmaceuticals
Offer Price
$16.00
first filed $15.00–$17.00Shares Offered
20.31M
107.28M
$1.7B
18.9%
Implied Upside vs Midpoint
Description
We are a global, science-driven biopharmaceutical company dedicated to developing and commercializing innovative medicines for patients with unmet medical needs, with an initial focus on in-licensing assets for Greater China and other Asian markets. We have purposefully designed our organization to successfully execute on our vision by identifying, sourcing, developing and commercializing product candidates and partnering with highly innovative biopharmaceutical companies around the world. We are establishing an international infrastructure to position ourselves as a partner of choice with a platform to provide access to our target markets. Our model leverages a number of key elements, including transformative in-licensing, development and commercialization approaches that we believe will enable us to deliver innovative therapeutic solutions to patients in Greater China, including Mainland China, Hong Kong, Taiwan and Macau, and other Asian markets. Our deep relationships with our founder, Perceptive Advisors (“Perceptive”), as well as our broader investor base, position us to access and capture attractive business development opportunities. We have also entered into high-value strategic collaborations with Pfizer Inc. (“Pfizer”), which offers optionality to leverage its broad reach and commercial infrastructure in Greater China, and BridgeBio Pharma LLC (“BridgeBio”), which provides preferential access to an innovative pipeline of more than 20 product candidates in development. In less than three years, we have assembled a strong pipeline of nine assets across five therapeutic areas, each with its own distinct value proposition and the potential to drive new standards of care across cardiovascular, oncology, ophthalmology, inflammatory disease and respiratory indications. We plan to initiate four registrational studies over the next 12 to 18 months to advance our product candidates towards regulatory approval in China. --- We are an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act of the Cayman Islands on July 17, 2019. The principal executive office of our research and development operations is located at 9th Floor, Kerry Parkside, 1155 Fangdian Road, Unit 901-902, Shanghai, People’s Republic of China 201204. Our telephone number at this address is (021) 6132 9798. Our current registered office in the Cayman Islands is located at the offices of International Corporation Services Ltd., 2nd Floor, Harbour Place, 103 South Church Street, P.O. Box 472, George Town, Grand Cayman KY1-1106, Cayman Islands. Our principal executive offices are located at 103 Carnegie Center Drive, Suite 215, Princeton, New Jersey 08540 and our telephone number is (609) 486-2308. Our website is www.lianbio.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Net cash / market cap | 15.1% | 3.8% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 44.45 | 6.15 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
= Priced at $16.00, 0% above the midpoint of the first filed range ($15.00–$17.00, 2021-10-20).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-10-20 | S-1/A | $15.00–$17.00 | — | 20,312,500 | $325.0M |
| 2021-10-27 | S-1/A | $15.00–$17.00 | — | 20,312,500 | $325.0M |
| 2021-10-29 | S-1/A | $15.00–$17.00 | — | 20,312,500 | $325.0M |
| 2021-11-02 | 424B4 | — | $16.00 | 20,312,500 | $325.0M |
LianBio income statement and balance sheet, FY Dec 2020 to FY Dec 2022, as reported in SEC filings.
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing |
|---|---|---|---|
| Operating income | ($135M) | ($196M) | ($125M) |
| Net income | ($140M) | ($196M) | ($110M) |
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing |
|---|---|---|---|
| Total assets | $279M | $426M | $320M |
| Total liabilities | $27.6M | $39.0M | $26.3M |
| Total equity | ($98.1M) | $387M | $294M |
| Cash & equivalents | $254M | $228M | $79.2M |