U.S. Markets closed

The Daily Biotech Pulse: Lexicon Snaps Sanofi Diabetes Partnership With $260M Settlement, Celyad Offering, Multiple Sclerosis Conference Gets Underway

Shanthi Rexaline

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks hitting 52-week highs on Sept. 10)

  • Ardelyx Inc (NASDAQ: ARDX)
  • Avedro Inc (NASDAQ: AVDR)
  • Catalyst Pharmaceuticals Inc (NASDAQ: CPRX)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Sept. 10)

  • DermTech, Inc. (NASDAQ: DMTK)
  • Merit Medical Systems, Inc. (NASDAQ: MMSI)(retreated on an analyst downgrade and insider selling)
  • Transenterix Inc (NYSE: TRXC)

Stocks In Focus Lexicon To Get $260M From Sanofi For Ending Diabetes Drug Alliance

Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) said it has terminated the four-year alliance it had with Sanofi SA (NASDAQ: SNY) for the development and commercialization of sotagliflozin. Lexicon has also reached an agreement to settle related disputes with Sanofi. Both agreements are effective Sept. 9.

Earlier in late July, when Sanofi notified its intention to snap ties, Lexicon shares reacted with a 70% move to the downside.

Following the termination, Lexicon will regain all rights to sotagliflozin and assume responsibility for the worldwide development and commercialization of the investigational asset for type 1 and type 2 diabetes.

Under the settlement agreement, Sanofi will have to pay Lexicon $260 million, with $208 million payable upfront and the remainder within twelve months.

Lexicon shares rallied 30.23% to $2.24 in after-hours trading.

See Also: Biotech Stock On The Radar: Aimmune Awaits Adcom Test

Biogen Presents Positive Long-Term Data For Multiple Sclerosis Drug

Biogen Inc (NASDAQ: BIIB) announced new data supporting long-term benefits of treatment with Tecfidera over 10 years.

The company presented the data at the 35th Congress of the European Committee For Treatment and Research In Multiple Sclerosis, or ECTRIMS, being held in Stockholm, Sweden.

Tecfidera was approved by the FDA in 2013 to treat relapsing form of multiple sclerosis.

Biogen also presented additional diroximel fumarate data that further characterize the tolerability profile of the asset

CELYAD Announces 2M Global Common Stock Offering

CELYAD SA/ADR (NASDAQ: CYAD) said it intends to offer 2 million shares of its common stock in a global offering, comprising an offer of ordinary shares in the form of ADSs in the U.S., Canada and certain countries outside of Europe, and an offer of ordinary shares in Europe and certain countries outside of the U.S. and Canada, in a concurrent private placement.

The company said the size and the price per share of ordinary shares and ADSs placed in the global offering will be determined following the bookbuilding process.

The stock slipped 2.77% to $13 in after-hours trading.

On The Radar Clinical Trial Readouts

Atara Biotherapeutics Inc (NASDAQ: ATRA) will present initial Phase 1 data for ATA188 in multiple sclerosis at the ECTRIMS Congress.

Roche Holdings AG Basel ADR (OTC: RHHBY) is due to present Phase 3 data for satralizumab in neuromyelitis optica spectrum disorder at the 2019 ECTRIMS conference.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.