Skip to main content

Market Overview

Benzinga's Daily Biotech Pulse: Johnson & Johnson to Dispose Sterilization Products Business, Mixed Results From Protesostasis' Cystic Fibrosis Study

Benzinga's Daily Biotech Pulse: Johnson & Johnson to Dispose Sterilization Products Business, Mixed Results From Protesostasis' Cystic Fibrosis Study

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

Scaling the Peaks

(Stocks hitting 52-week highs on June 6)

  • AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG)
  • Baxter International Inc (NYSE: BAX)
  • Beigene Ltd (ADR) (NASDAQ: BGNE)
  • CareDx Inc (NASDAQ: CDNA)
  • CAS Medical Systems Inc (NASDAQ: CASM)
  • CONMED Corporation (NASDAQ: CNMD)
  • Champions Oncology Inc (NASDAQ: CSBR)
  • Cytosorbents Corp (NASDAQ: CTSO)
  • Eloxx Pharmaceuticals Inc (NASDAQ: ELOX)
  • Evolus Inc (NASDAQ: EOLS)
  • EXACT Sciences Corporation (NASDAQ: EXAS)
  • Genomic Health, Inc. (NASDAQ: GHDX)
  • Haemonetics Corporation (NYSE: HAE)
  • Insulet Corporation (NASDAQ: PODD)
  • Jazz Pharmaceuticals PLC (NASDAQ: JAZZ
  • Krystal Biotech Inc (NASDAQ: KRYS)
  • Laboratory Corp. of America Holdings (NYSE: LH)
  • Madrigal Pharmaceuticals Inc (NASDAQ: MDGL)
  • Medpace Holdings Inc (NASDAQ: MEDP)
  • MEI Pharma Inc (NASDAQ: MEIP)
  • ResMed Inc. (NYSE: RMD)
  • Oncolytics Biotech, Inc. (USA) (NASDAQ: ONCY)
  • Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX)
  • Regenxbio Inc (NASDAQ: RGNX)
  • Rhythm Pharmaceuticals Inc (NASDAQ: RYTM)
  • TherapeuticsMD Inc (NASDAQ: TXMD)
  • Ultragenyx Pharmaceutical Inc (NASDAQ: RARE)
  • Verastem Inc (NASDAQ: VSTM)

Down In The Dumps

(Stocks hitting 52-week lows on June 6)

  • Achieve Life Sciences Inc (NASDAQ: ACHV)
  • Scpharmaceuticals Inc (NASDAQ: SCPH)
  • TrovaGene (NASDAQ: TROV)

Related Link: Attention Biotech Investors: Mark Your Calendar For These June PDUFA Dates

Stocks In Focus

Johnson & Johnson to Sell Sterilization Business to Fortive

Johnson & Johnson (NYSE: JNJ) announced a deal to sell its Advanced Sterilization Products, or ASP, business to Fortive Corp (NYSE: FTV) for $2.8 billion, with $2.7 billion in cash proceeds and the remaining $0.1 billion in retained net receivables. The ASP business fetched Johnson & Johnson $775 million in net revenues in 2017.

Fortive rallied 5.46 percent to $79.05 in after-hours trading.

Protesostasis Cystic Fibrosis Drug Trial Shows Issues With Safety

Proteostasis Therapeutics Inc (NASDAQ: PTI) announced data from the Phase 1, 14-day dosing study of PTI-801 in cystic fibrosis patients on background Orkambi (lumacaftor/ivacaftor) therapy, which showed improvement in sweat chloride and body mass index, the study's exploratory endpoints.

"At higher doses, PTI-801 demonstrated a statistically significant improvement in SC and BMI in the 14-day treatment period," the company said.

The improvement in ppFEV – reflective of lung function, though observed in all cohorts, was not statistically significant, the company added.

The stock plunged 15.92 percent to $4.12 in after-hours trading.

Common Stock Offerings

Viking Therapeutics Inc (NASDAQ: VKTXannounced offering of common shares for development of its VK5211, VK2809 and VK0214 programs.

Mirati Therapeutics Inc (NASDAQ: MRTX) announced intention for offering common share.

Pricing Of Common Stock Offerings

Zymeworks Inc (NYSE: ZYME) priced offering of 5.4 million shares at $15.75/share for gross proceeds of $300 million.

Madrigal Pharma priced offering of 1.347 million shares at $305/share for gross proceeds of $85.1 million.

Deciphera Pharmaceuticals Inc (NASDAQ: DCPHpriced offering of 4.3 million share at $40/share for gross proceeds of $172 million.

ImmunoGen, Inc. (NASDAQ: IMGNpriced its upsized offering of 13.7 million shares.

On The Radar

The following company reports earnings on Thursday:

  • Advaxis, Inc. (NASDAQ: ADXS)

FDA Tidbits

The FDA filed a compliant against Innovative BioDefense, which sells Zylast topical antiseptics, a hand sanitizer, by falsely claiming it offers protection against pathogens such as norovirus, rotavirus, flu virus, methicillin-resistant Staphylococcus Aureus and ebola.


Related Articles (IBB + JNJ)

View Comments and Join the Discussion!

Posted-In: Biotech Earnings News Trading Ideas Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at