Catalyst Biosciences Sells Complement Portfolio for $60 Million
Catalyst Biosciences (NASDAQ: CBIO) announced a definitive agreement with Vertex Pharmaceuticals (NASDAQ: VRTX) for the sale of its protease medicines portfolio, including CB 2782-PEG, for $60 million in cash. This move is part of Catalyst's strategy to explore monetization options and enhance shareholder value, a process underway since February. Catalyst's remaining product candidates include MarzAA, DalcA, and CB 2679d-GT, which are in various stages of development and available for partnering. The company aims to reduce cash burn while evaluating further strategic alternatives.
- Sale of protease medicines portfolio to Vertex for $60 million, enhancing liquidity.
- Ongoing strategy to reduce cash burn and evaluate additional strategic alternatives.
- Dependence on successful partnerships for remaining product candidates.
- Uncertainties surrounding forward-looking statements and strategic alternatives.
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 Catalyst’s portfolio of protease medicines that regulate complement, including CB 2782-PEG, for
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 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 Statements
This 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 Colton
Catalyst Biosciences, Inc.
investors@catbio.com
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