Catalyst Biosciences Sells Complement Portfolio for $60 Million
May 23 2022 - 8:30AM
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 Catalyst’s 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.
AdvisorsPerella 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 BiosciencesCatalyst is a
biopharmaceutical company focused on protease therapeutics to
address unmet medical needs in disorders of the complement and
coagulation systems. 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 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.
Forward-Looking StatementsThis press release
contains forward-looking statements that involve substantial risks
and uncertainties. Forward-looking statements include, without
limitation, those regarding potential uses of and markets for
MarzAA, DalcAA and CB 2679-GT, and Catalyst’s plans to continue to
explore strategic alternatives. Actual results or events could
differ materially from the plans, intentions, expectations, and
projections disclosed in the forward-looking statements. Various
important factors could cause actual results or events to differ
materially, including, but not limited to, the risk that Catalyst
will not be able to identify strategic partners interested in
MarzAA, DalcAA, CB 2679-GT or any other transaction with the
Company, and other risks described in the "Risk Factors" section of
the Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission (the "SEC") on March 31, 2022, the
Quarterly Report on Form 10-Q filed with the SEC on May 9, 2022,
and in other filings filed from time to time with the SEC. The
Company does not assume any obligation to update any
forward-looking statements, except as required by law.
Contact:
Trisha ColtonCatalyst Biosciences, Inc.investors@catbio.com
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