Shares of LianBio (NASDAQ: LIAN) were skyrocketing 132.4% higher as of 11:11 a.m. ET on Tuesday. The huge gain came after the company announced that it entered into an agreement to hand over exclusive rights to market cardiomyopathy drug mavacamten in mainland China, Hong Kong, Macau, Singapore, Taiwan, and Thailand to Bristol Myers Squibb (NYSE: BMY). 

LianBio secured the commercialization rights for mavacamten in China and other Asian markets from MyoKardia in August 2020. Less than two months later, Bristol Myers Squibb announced its plans to acquire MyoKardia. 

It makes sense why Bristol Myers Squibb (BMS) would want to own the rights to mavacamten in China and other key Asian markets. The big drugmaker already has the rights to the medicine in the U.S., Europe, and other major markets.

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Source Fool.com