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Here's a roundup of top developments in the biotech space over the last 24 hours.
(Biotech Stocks Hitting 52-week highs on Oct. 31)
(Biotech Stocks Hitting 52-week lows on Oct. 31)
Amgen announced a strategic collaboration with Beigene Ltd (NASDAQ:BGNE), which would expand its oncology presence in China. As part of the collaboration, Amgen will acquire a 20.5% stake in BeiGene for $2.7 billion in cash, with the purchase price translating to $174.85 per BeiGene ADS, a 36% premium to its 30-day volume-weighted average share price as of Oct. 30.
The agreement allows BeiGene to commercialize Amgen's Xgeva, Kyprolis and Blincyto in China, with both parties equally sharing profit and losses. It also provides for both companies advancing 20 of Amgen's oncology pipeline assets in China and globally. BeiGene will share global R&D costs and will contribute $1.25 billion to advance these medicines, while Amgen will pay royalties on the sales of these products outside of China, with the exception of AMG 510.
In pre-market trading, Beigene shares soared 25.05% to $172.99.
See Also: Agile Therapeutics Rallies After FDA Panel Backs Contraceptive Patch
Mallinckrodt PLC (NYSE:MNK) said it has received Australian regulatory approval for extracorporeal administration with the Therakos cellex photopheresis system, or TCPS, which is indicated for steroid-refractory and steroid-intolerant chronic graft versus host disease in adults following allogenic hematopoietic stem cell transplantation.
Australia's Therapeutic Goods Administration also approved Uvadex in conjunction with the TCPS for the palliative treatment of skin manifestations of cutaneous T-cell lymphoma that is unresponsive to other forms of treatment.
Paratek Pharmaceuticals Inc (NASDAQ:PRTK) announced top-line results from two exploratory Phase 2 studies of once-daily oral or IV dose of omadacycline in patients with two common forms of urinary tract infections, which showed comparable levels of clinical success to either nitrofurantoin or levofloxacin but microbiological responses were generally lower than the comparators.
The company said it has identified dose regimens that require additional investigation before determining any future development plans for these indications.
The stock slipped 3.73% to $2.97 in after-hours trading.
Following the receipt of the minutes of the end-of-Phase 1 meeting with the FDA, Ideaya Biosciences Inc (NASDAQ:IDYA) said it plans to initiate the Phase 2 single-arm, potentially registration-enabling clinical trial of IDE 196 monotherapy. The company expects the Phase 2 dose selection and the initiation of the registration enabling Phase 2 part of the Phase 1/2 trial to be done in the fourth quarter.
IDE196 is being evaluated for metastatic uveal melanoma.
The stock rose 1.74% to $5.77 in after-hours trading.
CareDx Inc (NASDAQ:CDNA)'s third-quarter revenues jumped 60% year-over-year to $33.8 million, and it reversed to a profit of 2 cents per share on a non-GAAP basis from a loss of 1 cent per share. Analysts estimated a profit of 1 cent per share.
The company's full-year revenue guidance is indicated to come in below the consensus estimate.
The stock slumped 11.67% to $23.15 in pre-market trading.
bluebird bio Inc (NASDAQ:BLUE)'s third-quarter revenues declined from $11.5 in 2018 to $8.9 million in 2019. The net loss widened from $2.73 to $3.73. Analyst estimated a narrower loss of $3.52.
The stock moved down 2.16% to $79.25 in after-hours trading.
AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) (before the market open)
AbbVie Inc (NYSE:ABBV) (before the market open)
ImmunoGen, Inc. (NASDAQ:IMGN) (before the market open)
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