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Catalyst Biosciences licenses experimental eye disease therapy to Biogen

Catalyst Biosciences Inc. is licensing its experimental eye disease therapy pegylated CB 2782 to Biogen Inc.

Under the terms of the agreement, Biogen will receive the worldwide license to develop and market the drug for the potential treatment of geographic atrophy associated dry age-related macular degeneration.

Catalyst will receive $15 million up front with the possibility of receiving an additional $340 million in clinical, regulatory and commercial milestone payments plus future tiered royalties based on net sales.

Geographic atrophy is the advanced form of dry age-related macular degeneration. Affecting over a million people in the U.S., patients with the disease suffer from severe vision loss.

Catalyst will be responsible for the drug's pre-clinical and manufacturing activities, and Biogen will fund the whole process in addition to managing activities for regulatory approvals, worldwide development and commercialization.

Earlier today, Biogen bought the license to Ionis Pharmaceuticals Inc.'s experimental Alzheimer's disease therapy in a deal worth up to $200 million.