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Benzinga's Daily Biotech Pulse: Biohaven Sells Right To Drug, Obseva To Sell Shares

Benzinga's Daily Biotech Pulse: Biohaven Sells Right To Drug, Obseva To Sell Shares
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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 18)

  • Aptose Biosciences Inc (NASDAQ: APTO)
  • Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) (announced full enrolment of patients in a Phase 1 study of ARO-AAT for treating alpha-1 antitrypsin deficiency)
  • Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN)
  • BioLife Solutions Inc (NASDAQ: BLFS)
  • Deciphera Pharmaceuticals Inc (NASDAQ: DCPH)
  • Edwards Lifesciences Corp (NYSE: EW)
  • EXACT Sciences Corporation (NASDAQ: EXAS) (Cowen raised its price target from $65 to $85)
  • Galectin Therapeutics Inc. (NASDAQ: GALT)
  • Inspire Medical Systems Inc (NYSE: INSP)
  • Meridian Bioscience, Inc. (NASDAQ: VIVO)
  • PTC Therapeutics, Inc. (NASDAQ: PTCT) (presented positive data for its muscular atrophy drug at the SMA Researcher Meeting in Dallas)
  • Sarepta Therapeutics Inc (NASDAQ: SRPT)
  • Sensus Healthcare Inc (NASDAQ: SRTS)
  • Surface Oncology Inc (NASDAQ: SURF)
  • Utah Medical Products, Inc. (NASDAQ: UTMD)
  • Verastem Inc (NASDAQ: VSTM)(presented positive data for duvelisib, its treatment candidate for chronic lymphocytic leukemia, at the European Hematology Association Congress)

Down In The Dumps

(Stocks hitting 52-week lows on June 18)

  • Achieve Life Sciences Inc (NASDAQ: ACHV)
  • Atossa Genetics Inc (NASDAQ: ATOS)
  • Auris Medical Holding AG (Pre-Merger) (NASDAQ: EARS)
  • Catabasis Pharmaceuticals Inc (NASDAQ: CATB)
  • Cytori Therapeutics Inc (NASDAQ: CYTX)
  • Sonoma Pharmaceuticals Inc (NASDAQ: SNOA)

See Also: The Week Ahead In Biotech: Conferences, Clinical Trials And IPOs

Stocks In Focus

Biohaven Raises Funding Through Sale of Sales Right

Biohaven Pharma announced sale of rights on future global net sales of products containing its rimegepant, namely BHV-3000, or BHV-3500, and certain derivative products thereof to Royalty Pharma for $100 million. The rights acquirer will also pick up $50 million shares in Biohaven for $45 per share, a 19 percent premium over the 15-day volume-weighted average price through June 15, 2018.

Biohaven expects to use the funding in addition to its cash on hand to support its rimegepant development program through NDA filing, Phase 2 trials of BHV-3500, advancement of the glutamate modulator platform and for the development of its earlier pipeline and clinical infrastructure.

Obseva to Sell 4.75 Million Shares

Obseva SA (NASDAQ: OBSV) shares, which rallied close to 23 percent in regular trading in reaction to positive results reported for the Phase 2b study dubbed EDELWEISS that evaluated its linzagolix for treating endometriosis-related pain, said after the market close it has launched a proposed underwritten public offering of 4.75 million shares.

On The Radar

Sarepta Therapeutics Inc (NASDAQ: SRPT) is due to release Phase 1/2 data on its microdystrophin gene therapy for Duchenne muscular dystrophy on Tuesday.

Posted-In: Biotech News Health Care Top Stories Pre-Market Outlook Trading Ideas General Best of Benzinga


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