Catalyst Biosciences (NASDAQ:CBIO) stock is rocketing higher on Tuesday after the company announced an asset purchase agreement with GC Biopharma.
That agreement has Catalyst Biosciences selling three of its programs related to orphan hematology disorders to GC. Among these is Marzeptacog alfa, or MarzAA, which is ready for a Phase 3 clinical trial.
GC Biopharma plans to continue the development of MarzAA following the deal. Today’s purchase lines up with the company’s goal of seeking “better therapeutic options for hemophilia.” However, no financial details of the deal were disclosed in the release.
Catalyst Biosciences President and CEO Nassim Usman said the following about the deal:
“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.”
How This Affects CBIO Stock
The asset purchase agreement is being seen positively by investors in CBIO stock today. As a result, the company’s stock is seeing heavy trading on Tuesday. That has some 8.9 million shares changing hands as of this writing. This is well above the company’s daily average trading volume of about 911,000 shares.
CBIO stock is up 54.8% in pre-market trading on Tuesday!
Investors looking for more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.