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China-Focused Biotech LianBio Drops in U.S. Trading Debut

  • LianBio is biggest such listing since July Beijing crackdown
  • $325 Million offering is led by Goldman, Jefferies and BofA
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Biotechnology firm LianBio fell 14% in its U.S. trading debut, sounding a cautionary note for companies operating primarily in China after a surge of such listings came to a halt in July.

LianBio’s shares, which sold for $16 in its $325 million initial public offering, opened trading Monday at $15.50. The shares closed at $13.70 in New York, giving the company a market value of $1.44 billion. Accounting for employee stock options and warrants, the company has a fully diluted value of about $1.6 billion.