The Daily Biotech Pulse: FDA Accepts Alder's Migraine Drug Application, Gritstone Offering, Lilly's Chinese Sale

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 April 22)

• Moleculin Biotech Inc MBRX (announcement that annamycin, a molecule developed as part of its ongoing sponsored research with the University of Texas MD Anderson Cancer Center, significantly improved survival in an aggressive form of triple negative breast cancer metastasized to the lungs in animal models)

Down In The Dumps

(Biotech stocks hitting 52-week lows on April 22)

• Acorda Therapeutics Inc ACOR
• ANCHIANO THERAP/S ADR ANCN
• Arbutus Biopharma Corp ABUS
• Soligenix, Inc. SNGX
• Spring Bank Pharmaceuticals Inc SBPH
• Zafgen Inc ZFGN

Stock In Focus

FDA Accepts Alder's Regulatory Filing For Migraine Treatment

Alder Biopharmaceuticals Inc ALDR said the FDA accepted its BLA for eptinezumab, an investigational monoclonal antibody, administered intravenously, for preventing migraine through the targeting of the calcitonin gene-related peptide. Contingent on securing FDA approval, the company said it expects a commercial launch in the first quarter of 2020.

The stock rose 2.66 percent to $13.10 in after-hours trading.

Lilly Sells 2 Legacy Antibiotics & Manufacturing Facility In China For $375M

Eli Lilly And Co LLY, which reported negative trial results for its non-opioid pain medication last Thursday, agreed to sell to Chinese specialty pharma company Eddingpharm the rights to two legacy Lilly antibiotics, namely Ceclor and Vancocin, in China and also its manufacturing facility in Suzhou that produces Ceclor for $375 million.

Lilly expects the transaction to close in either the latter part of 2019 or early 2020, subject to customary closing conditions and regulatory approval.

See Also: Raymond James Stays Bullish As Intuitive Surgical Falls On Quarterly Results: 'We Would Buy On Any Weakness'

Gritstone Oncology To Sell Shares

Gritstone Oncology Inc GRTS commenced an underwritten public offering of 6.5 million shares. All the shares are to be offered by the company.

The shares slipped 8.25 percent to $13.35 in after-hours trading.

Veracyte Secures Approval For Genomic Classifier In New York

Veracyte Inc VCYT received regulatory authorization from the New York State Department of Health for offering Envisia Genomic Classifier for patients in the state, effective immediately.  The test, according to the company, is the first commercially available test to distinguish idiopathic pulmonary fibrosis from other intestinal lung diseases without the need for risky surgery.

The stock rose 1.82 percent to $23.44 in after-hours trading.

On The Radar

Earnings

Edwards Lifesciences Corp EW (after the market close)

Merit Medical Systems, Inc. MMSI (after the market close)