The Catalyst Biosciences Inc (NASDAQ: CBIO) stock price soared 73% after signing an Asset Purchase Agreement with GC Biopharma Corp. to dispose of 3 programs related to orphan haematology disorders.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Catalyst will sell the three drug programs, including “Marzeptacog alfa (MarzAA)”, an engineered factor VIIa ready for Phase 3 clinical-stage development, to GC Biopharma for an undisclosed consideration.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Investors cheered the news despite not having the financial details of the same. GC Biopharma is a leading provider of biopharmaceutical products in South Korea. The company focuses on developing better therapeutic options for haemophilia, one of the most common rare bleeding disorders.
GC Biopharma has exclusively developed “GreenGene F”, a recombinant FVIII drug and “Green Mono”, a plasma-derived FVIII drug, both haemophilia drugs. The company intends to expand its drug portfolio by acquiring the three drug candidates from Catalyst Bio.
The biopharma company reiterated its commitment to developing new drugs targeted at multiple orphan disorders through its in-house research & development capabilities and external partnerships, given its experience managing such relationships.
Nassim Usman, PhD, Catalyst Biosciences’ President and CEO, said: “We are pleased that GC Biopharma has purchased our hemophilia assets and will continue their clinical development to potentially bring new transformative treatments for several bleeding disorders.”
Eun-Chul Huh, PhD, GC Biopharma’s President, said: “We will extend our continuous global endeavour to improve therapeutic treatments for patients suffering from many orphan disorders, including rare bleeding disorders.”
The acquisition will allow GC Biopharma to enter the lucrative US markets, given that its operations are mainly in South Korea. The company also noted that “Marzeptacog alfa (MarzAA)” had demonstrated its efficacy and safety in treating rare bleeding disorders.
Unlike other therapies, MarzAA is delivered via subcutaneous injection, making it more convenient to administer and less burdensome for patients who have to take it for the rest of their lives.
Over 7.19 million Catalyst Bio (CBIO) shares had changed hands at writing due to the significant retail investor interest in the deal.
*This is not investment advice.
Catalyst Biosciences (CBIO) stock price.
The Catalyst Biosciences (CBIO) stock price soared 73% to trade at $0.4152, from Monday’s closing price of $0.2400.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.