CBIO
Catalyst Inc.NASDAQ
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  • Aug. 20, 2015, 11:19 AM
    • Targacept (TRGT -51.6%) and privately-held Catalyst Biosciences complete their merger, originally announced on March 5. Yesterday, Targacept shareholders received a dividend of $19.5M ($0.5692) in cash and $37.0M ($1.080) in non-interest bearing redeemable convertible notes.
    • The combined firm will operate as Catalyst Biosciences and will trade under the symbol "CBIO."
    • Previously: Targacept and Catalyst Bio to merge (March 5)
    | Aug. 20, 2015, 11:19 AM
  • Mar. 5, 2015, 10:36 PM
    • Thinly-traded nano cap Targacept (NASDAQ:TRGT) and privately-held South San Francisco-based Catalyst Biosciences agree to merge. The new entity will be named Catalyst Biosciences and will have the anticipated stock symbol "CBIO." Catalyst CEO Nassim Usman, Ph.D., will be President and CEO of the combined firm.
    • Catalyst shareholders will initially own ~65% of the combined company. Targacept shareholders will own ~35% and will receive a dividend of an aggregate of $37M in non-interest bearing redeemable convertible notes and ~$20M in cash. The notes will be convertible into the new entity's common stock at any time within two years after the deal closes, at the noteholders' discretion, for $1.31 per share which is 130% of the negotiated per-share value of Targacept's assets after the distribution of the dividend.
    • Catalyst's product development activities focus on hemostasis and complement regulation. Its lead product is CB 813d for hemophilia. Targacept focuses on a class of products called neuronal nicotinic receptors. Its lead product is TC499 for the treatment of diabetic gastroparesis. Both are in Phase 1 development.
    • TRGT is down 3% after hours on high volume.
    | Mar. 5, 2015, 10:36 PM | 1 Comment