(NASDAQ:CBIO) shares have surged more than 150% on this mornings news. Shares are currently $1.11
SOUTH SAN FRANCISCO, Calif. , May 23, 2022 (GLOBE NEWSWIRE) — Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced that it has signed a definitive asset purchase and sale agreement with Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) under which Vertex has acquired Catalysts portfolio of protease medicines that regulate complement, including CB 2782-PEG, for $60 million in cash.
Management Comments We have been exploring strategic alternatives to monetize our assets and maximize value for our shareholders. 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 , Ph.D., Chief Executive Officer of Catalyst Biosciences.
Advisors Perella Weinberg Partners acted as financial advisor to Catalyst and Orrick, Herrington & Sutcliffe LLP , and Potter Anderson & Corroon LLP served as legal advisors to the Company.
About Catalyst Biosciences Catalyst
Catalyst Biosciences Catalyst is a biopharmaceutical company focused on protease therapeutics to address unmet medical needs in disorders of the complement and coagulation systems. After the transaction, Catalysts product candidates consist of the coagulation related assets marzeptacog alfa (activated) (MarzAA), dalcinonacog alfa (DalcA), and CB 2679d-GT. MarzAA is a SQ administered next generation engineered coagulation Factor VIIa (FVIIa) for the treatment of 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. Both MarzAA and DalcA have shown sustained efficacy and safety in mid-stage clinical trials and are available for partnering. CB 2679d-GT has obtained preclinical proof-of-concept and is also available for partnering.