The Daily Biotech Pulse: Biogen Plummets, FDA Greenlights Sleep Disorder Drug, Cellular Biomedicine Offering

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 March 20)

• AstraZeneca plc AZN
• BioDelivery Sciences International, Inc. BDSI
Cytokinetics, Inc. CYTK((Following planned interim analysis, the company along with partner Amgen, NASDAQ:AMGN) (announced a large-scale Phase 3 study evaluating their cardiac myosin activator omecamtiv mecarbil in 8000 heart failure patients will continue unchanged.)
• Dr.Reddy's Laboratories Ltd RDY
• Glaukos Corp GKOS
• Millendo Therapeutics Inc MLND
• Orthopediatrics Corp KIDS
• Qiagen NV QGEN
• Veracyte Inc VCYT
• XBiotech Inc XBIT
• Zoetis Inc ZTS

Down In The Dumps

(Biotech Stocks Hitting 52-week lows on March 20)

• Aerpio Pharmaceuticals Inc ARPO
• Aimmune Therapeutics Inc AIMT
• Dynavax Technologies Corporation DVAX
• Evogene Ltd EVGN
• G1 Therapeutics Inc GTHX
• resTORbio, Inc. TORC (priced its common stock offering of 7.2 million shares at $6.95 per share)

Stocks In Focus

Biogen, Eisai To Discontinue Phase 3 ENGAGE, EMERGE Trials Of Aducanumab In Alzheimer's

Biogen Inc BIIB fell 27.6 percent Thursday morning after the company said "independent data monitoring committee advises aducanumab unlikely to meet primary endpoints, leading to decision to discontinue the trials."

Jazz' Drug To Treat Excessive Sleepiness Approved

Jazz Pharmaceuticals PLC JAZZ said the FDA approved its Sunosi, chemically solriamfetol, which is indicated to improve wakefulness in adult patients with excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea. It has been approved for a once-daily regimen of dose strengths 75mg and 150mg for patients with narcolepsy and 37.5mg, 75mg, and 150 mg for patients with obstructive sleep apnea, the company said.

The stock rose 1.44 percent to $135.50 in after-hours trading.

See Also: Sage's First-Of-Its-Kind Postpartum Depression Drug Clears FDA Hurdle: What You Need to Know

Galapagos Announces Share Capital Increase Due to Warrant Exercise

GALAPAGOS NV/S ADR GLPG announced an increase in its share capital due to exercising of warrants. The company said it issued 149,370 new ordinary shares March 20, for a total capital increase of 3.481 million euros.

The stock was slipping 0.65 percent to $102.57 in premarket trading.

Portola Co-Founder Retires

Portola Pharmaceuticals Inc PTLA said Charles Homcy, co-founder of the company and its CEO until April 2010, has announced his intention to retire from the board. Portola said Homcy will remain in a consultancy role to its President and CEO Scott Garland during the transition period.

The stock rose 3.25 percent to $34 in after-hours trading.

Cellular Biomedicine Announces Common Stock Offering

Cellular Biomedicine Group Inc CBMG said it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares are to be sold by the company, with the net proceeds to be used for preclinical studies, clinical trials, continued technology platform development, as well as for working capital and other general corporate purposes.

The stock fell 7.64 percent to $16.80 in after-hours trading.

On The Radar

Earnings

Aptinyx Inc NASDAQ: APTX (before the market open)
Orchard Therapeutics PLC – ADR ORTX (before the market open)
Opiant Pharmaceuticals Inc OPNT (after the market close)