Catalyst Biosciences Stock More Than Doubles After Assets Sale To Vertex

  • Catalyst Biosciences Inc CBIO has agreed to sell its portfolio of protease medicines that regulate complement to Vertex Pharmaceuticals Incorporated VRTX for $60 million.
  • "This sale is part of the ongoing strategic process that we announced in February to explore alternatives and create value for shareholders. We have significantly reduced our cash burn and continue to work with our advisors to evaluate additional strategic alternatives for Catalyst," said Nassim Usman, CEO of Catalyst Biosciences.
  • According to the Catalyst website, the complement regulating pipeline includes four preclinical phase candidates.
  • In March, Catalyst Biosciences regained full rights to CB 2782-PEG, a C3-degrader for dry age-related macular degeneration, from Biogen Inc BIIB.
  • After the transaction, Catalyst's product candidates consist of the coagulation-related assets marzeptacog alfa (activated) (MarzAA), dalcinonacog alfa (DalcA), and CB 2679d-GT. 
  • MarzAA is an SQ administered next-generation engineered coagulation Factor VIIa for episodic bleeding and prophylaxis in subjects with rare bleeding disorders. 
  • DalcA is a next-generation SQ administered FIX. 
  • CB 2679d-GT is an AAV-based gene therapy construct harboring the DalcA sequence. 
  • Price Action: CBIO shares are up 178.9% at $1.06 on the last check Monday.
Posted In: BriefsBiotechM&ANewsPenny StocksHealth CareMoversTrading IdeasGeneral