Catalyst Biosciences said it has signed a definitive agreement with Vertex Pharmaceuticals to sell its portfolio of protease medicines that regulate complement for $60 million in cash.
Photo: Nassim Usman, CEO of Catalyst Biosciences
The sale involves Catalyst’s preclinical pipeline of therapies targeting the complement system including the company’s experimental C3 degrader in development to treat dry AMD.
In 2021, the company announced a strategic shift to pivot away from hemophilia to focus on promising complement therapeutics and its protease medicines platform. Earlier this year, it retained a financial advisor to explore strategic alternatives and monetize its hemophilia assets and identify partners to accelerate the development of its complement assets.
“This sale is part of the ongoing strategic process that we announced in February to explore alternatives and create value for shareholders,” said Nassim Usman, CEO of Catalyst Biosciences. “We have significantly reduced our cash burn and continue to work with our advisors to evaluate additional strategic alternatives for Catalyst.”
The company previously announced it had reduced its headcount by 19 employees or 70 percent.
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 for the treatment of episodic bleeding and prophylaxis in people with rare bleeding disorders.
Author: Rare Daily Staff
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