Catalyst Biosciences Shares Are Rallying: What's Driving The Action?

Catalyst Biosciences Inc CBIO shares are soaring Tuesday morning after GC Biopharma signed an Asset Purchase Agreement with the company late Monday.

What Happened: GC Biopharma signed an agreement with Catalyst Biosciences to acquire three programs related to orphan hematology disorders, including "Marzeptacog alfa," an engineered factor VIIa which is ready for Phase 3 clinical stage development.

GC Biopharma intends to continue development of this asset in pursuit of launching a first-in-class novel drug that will pave the way for the company to make inroads into the global markets.

"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," said Nassim Usman, president and CEO of Catalyst Biosciences.

Tuesday morning, Catalyst provided an update noting that the agreements are valued at $6 million total. Once received, the net proceeds from the transaction will be distributed to holders of the contingent value right issued to Catalyst stockholders of record on Jan. 5.

See Also: Why Clover Health Stock Is Rising Today

CBIO Price Action: Catalyst Biosciences shares are up 45.4% at 35 cents at time of publication, according to Benzinga Pro.

Photo: Chokniti Khongchum from Pixabay.