Catalyst Biosciences, Inc. is engaged as a biopharmaceutical company, which is focused on the research and development of protease therapeutics for unmet needs in disorders of the complement and coagulation systems. Shares of the biopharma company surged 234% during trading on Monday, May 23, 2022. Over the past three months, Catalyst Biosciences has seen average daily volume of 293,780 shares. However, volume of 236.27 million shares or dollar volume of around $300.06 million, exchanged hands during Monday’s trading session.
Shares of Catalyst Biosciences soared after the company announced it had entered into a definitive asset purchase and sale agreement with Vertex Pharmaceuticals, Inc. (NASDAQ: VRTX). Under the terms of the agreement, Catalyst will sell its portfolio of protease medicines, including CB 2782-PEG, for $60 million cash. CB 2782-PEG is a C3-degrader for dry age-related macular degeneration that Catalyst Biosciences acquired from Biogen (NASDQ: BIIB) in March 2022.
The sale comes as Catalyst has been exploring strategic alternatives to maximize value for its shareholders. After the asset sale, the company will just hold its coagulation-related drug candidates and assets, such as marzeptacog alfa (activated, MarzAA), dalcinonacog alfa (DalcA) and CB 2679d-GT.
MarzAA is an SQ-administered, next-gen engineered coagulation Factor VIIa, which is meant to treat episodic bleeding and prophylaxis in patients with rare bleeding disorders. DalcA is a next-gen SQ-administered FIX. The CB 2679d-GT candidate is an AAV-based gene therapy for the construct harboring of the DalcA sequence.
“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.
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