U.S. Markets open in 4 hrs 21 mins

The Daily Biotech Pulse: Merrimack To Stay Independent, Chinese Cheer For Beigene, XBiotech Offering

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 May 30)

  • Adverum Biotechnologies Inc (NASDAQ: ADVM)
  • Misonix, Inc. (NASDAQ: MSON)
  • Repligen Corporation (NASDAQ: RGEN)

Down In The Dumps

(Biotech stocks hitting 52-week lows on May 30)

  • Amneal Pharmaceuticals Inc (NYSE: AMRX)
  • Abeona Therapeutics Inc (NASDAQ: ABEO)
  • Acorda Therapeutics Inc (NASDAQ: ACOR)
  • Advaxis, Inc. (NASDAQ: ADXS)
  • Alkermes Plc (NASDAQ: ALKS)
  • Dynavax Technologies Corporation (NASDAQ: DVAX)
  • Emergent Biosolutions Inc (NYSE: EBS)
  • Fennec Pharmaceuticals Inc (NASDAQ: FENC)
  • Insys Therapeutics Inc (NASDAQ: INSY)
  • Minerva Neurosciences Inc (NASDAQ: NERV)
  • Mylan NV (NASDAQ: MYL)
  • Myovant Sciences Ltd (NYSE: MYOV)(announced $100 million worth of common stock offering)
  • Neuronetics Inc (NASDAQ: STIM)
  • Seres Therapeutics Inc (NASDAQ: MCRB)
  • Teligent Inc (NASDAQ: TLGT)
  • Urogen Pharma Ltd (NASDAQ: URGN)
  • Teva Pharmaceutical Industries Ltd (NYSE: TEVA)
  • Theravance Biopharma Inc (NASDAQ: TBPH)
  • Zafgen Inc (NASDAQ: ZFGN) (reacted to safety concerns over its diabetes drug following the Type A meeting with FDA)

Stock In Focus Merrimack Board Decides Against Sale Following Strategic Review

Following the completion of a strategic review, Merrimack Pharmaceuticals Inc (NASDAQ: MACK) said its board has decided to restructure the company such that its cash runway could extend into 2027, when it expects longest-term potential Ispen milestone kicking in. The board also authorized a special cash dividend between $16.9 million and $18.9 million if a planned asset sale goes through, or otherwise between $13.4 million and $15.4 million.

The stock fell 5.45 percent to $5.90 in after-hours trading.

Aslan Gets Full Ownership To Eczema Drug

ASLAN PHARMACEU/ADR (NASDAQ: ASLN) amended its license agreement with CSL Limited, with the amendment providing for the company acquiring full global rights to develop, manufacture and commercialize ASLAN004 in all indications.

The original licensing agreement was signed by both parties in May 2014.

Based on the amended agreement, Aslan will pay a $30 million payment to CSL upon the commencement of a Phase 3 study, with potential additional $95 million in regulatory milestone payments and $655 million in sales milestones and tiered royalties on net sales between mid-single digits and 10 percent.

ASLAN004 is a fully human monoclonal antibody that is being currently evaluated in a Phase 1 study for atopic dermatitis.

Beigene Says Chinese Regulator Accepts Its Regulatory Submissions

Beigene Ltd (NASDAQ: BGNE) said the China National Medical Products Administration has accepted its sNDA for tislelizumab, its investigational anti-PD-1 antibody, for treating patients with previously treated locally advanced or metastatic urothelial carcinoma. The company also said the regulatory body has accepted its supplemental import drug application for Abraxane in combination with gemcitabine as a first-line treatment of patients with metastatic adenocarcinoma of the pancreas. Abraxane has been licensed by Beigene from Celgene Corporation (NASDAQ: CELG).

Ascendis Q1 Revenues Surge, Loss Widens

Danish biopharma company Ascendis Pharma A/S (NASDAQ: ASND) reported a wider loss for the first quarter even as revenues ballooned from 28,000 euros to $5.4 million euros, reflecting recognition of revenue from license sales in connection with the formation of the strategic investment in VISEN Pharmaceuticals.

The stock rose 2.59 percent to $131.77 in after-hours trading.

Stock Offerings

XBiotech Inc (NASDAQ: XBIT) commenced an underwritten public offering of common shares, subject to market and other conditions. The company said it will use the net proceeds primarily to advance bermekimab Phase 2 clinical trials in hidradenitis suppurativa and atopic dermatitis.

The stock fell 9.03 percent to $8.26 in after-hours trading.

Amicus Therapeutics, Inc. (NASDAQ: FOLD) priced its previously-announced underwritten public offering of 16.279 million shares at $10.75 per share. The company expects to raise gross proceeds of $175 million from the offering.

The shares were down 2.74 percent to $10.66 in pre-market trading Friday.

Myovant Sciences priced its previously announced underwritten public offering of 15.15 million shares at $8.25 per share to raise gross proceeds of $125 million.

The stock was last seen trading down 7.12 percent to $8.35 in after-hours trading.

On The Radar Clinical Trial Readouts

Eloxx Pharmaceuticals Inc (NASDAQ: ELOX) is scheduled to release Phase 1b multiple-ascending dose final cohort data for its lead candidate ELX-02.

ASCO Presentation

Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) will present Phase 1/2 data for CPX-351 in acute myeloid leukemia.

See more from Benzinga

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