CBIO - Vertex buys protease assets from Catalyst Bio

The clinical-stage biotech Catalyst Biosciences (NASDAQ:CBIO) announced on Monday that cystic fibrosis drugmaker, Vertex Pharmaceuticals (VRTX) signed an asset purchase and sale agreement with the company to acquire a group of product candidates for $60 million in cash. Nano-cap Catalyst Bio (CBIO) has added ~130% on above average volume in the pre-market so far. The agreement to sell the candidates known as protease medicines designed to regulate the complement, including CB 2782-PEG was part of an ongoing initiative to find strategic options for the business, Chief Executive of Catalyst Bio (CBIO) Nassim Usman said. “We have significantly reduced our cash burn and continue to work with our advisors to evaluate additional strategic alternatives for Catalyst,” he added. In February, Catalyst Bio (CBIO) announced its plans to explore strategic alternatives for the company.

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Vertex buys protease assets from Catalyst Bio