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)
• BIO-TECHNE Corp (NASDAQ: TECH)
• 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: VKTX) announced 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: DCPH) priced offering of 4.3 million share at $40/share for gross proceeds of $172 million.

ImmunoGen, Inc. (NASDAQ: IMGN) priced 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.