Catalyst Biosciences provided two corporate updates. In connection with the Company’s previously announced asset purchase agreement with GNI Group and GNI Hong Kong Limited to purchase all of the assets and intellectual property rights primarily related to GNI’s proprietary hydronidone compound outside of China, and the definitive agreement with GNI and other minority stockholders to purchase their controlling interest in Beijing Continent Pharmaceutical Co. Ltd., a commercial-stage pharmaceutical company, GNI Group reported its Consolidated Financial Results for its Fiscal Year 2022 on February 15, 2023 showing continued revenue and profit growth from pirfenidone sales in China for the treatment of idiopathic pulmonary fibrosis, which includes revenue of approximately $102 million and net profit of approximately $23 million. On February 27, 2023, the Company signed an asset purchase agreement with GC Biopharma pursuant to which GCBP acquired the Company’s legacy rare bleeding disorders programs including marzeptacog alpha activated, dalcinonacog alpha and CB-2679d-GT for a total of $6 million, $1 million payable on signing and $5 million payable on February 28, 2025, subject to satisfaction of post-closing indemnification obligations. 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 January 5, 2023.
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