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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 July 7)
(Biotech Stocks Hitting 52-week Lows July 7)
Related Link: Attention Biotech Investors: Mark Your Calendar For These July PDUFA Dates
Medical device company Intersect ENT Inc's (NASDAQ:XENT) shares saw strong buying interest in after-hours trading after a Bloomberg report said rival Medtronic PLC (NYSE:MDT) has tabled a bid for the former. The board of Intersect ENT is reportedly reviewing the offer.
Intersect ENT shares soared 29.59% to $18 in after-hours trading.
GenMark Diagnostics, Inc (NASDAQ:GNMK) pre-announced second-quarter results, expecting revenues of $40.1 million, up 118% year-over-year. Analysts, on average, estimate revenues of $31.39 million.
The company noted that about 90% gross placements included interest in COVID-19 testing, and SARS-CoV-2 consumable revenues accounted for about 48% of ePlex revenues.
The stock rallied 10.33% to $17.20 in after-hours trading.
Merck & Co., Inc. (NYSE:MRK) and Eisai Co., Ltd (OTC:ESALY) said the FDA has issued a Complete Response Letter, or CRL, regarding their applications seeking accelerated approval of Keytruda, plus Lenvima, the orally available multiple receptor tyrosine kinase inhibitor discovered by Eisai, for the first-line treatment of patients with unresectable hepatocellular carcinoma.
The CRL was issued on the grounds that there isn't enough evidence that Keytruda in combination with Lenvima represents a meaningful advantage over available therapies for the treatment of unresectable or metastatic HCC with no prior systemic therapy for advanced disease.
VIVUS, Inc. (NASDAQ:VVUS) said it has completed the solicitation of an in-court prepackaged plan of reorganization, under which its creditor IEH Biopharma will take 100% ownership of VIVUS ahead of its July 7 chapter 11 filing.
The company believes the prepackaged plan satisfies all requirements necessary for confirmation by the Court. Upon confirmation of the prepackaged plan, VIVUS intends to consummate the restructuring transactions shortly thereafter.
Under the plan, VIVUS stockholders of record as of July 2 will receive, subject to the satisfaction of certain conditions, a pro rata share of $5 million and a non-transferable contractual contingent value right to earn another $2 per share if the company meets certain financial milestones in both 2021 and 2022.
The company also said its shares will be delisted from the Nasdaq.
The stock slumped 25.70% to 60 cents in after-hours trading.
NextCure Inc (NASDAQ:NXTC) announced the initiation of a Phase 1/2 clinical trial for NC410, a novel immunomedicine developed to block immune suppression mediated by an immune modulator called LAIR-1. The Phase 1 dose-escalation portion of this open-label trial is designed to evaluate the safety and tolerability of NC410 in patients with advanced or metastatic solid tumors and determine its pharmacologically active and/or maximum tolerated dose.
Initial data from the Phase 1 portion of the trial is due to be released in the second half of 2021.
After a recommended dose for the Phase 2 portion of the trial is determined, the efficacy of NC410 will be evaluated in select tumor types.
In after-hours trading, the stock moved up 2.69% to $19.10.
Akero priced an underwritten public offering of 5.228 million shares of its common stock at $36 per share. All the shares are being offered by the company.
The stock was seen slipping 0.84% to $36.75 in pre-market trading Wednesday.
Vir Biotechnology Inc (NASDAQ:VIR) priced its previously announced underwritten public offering of 7.143 million shares at $42 per share, for generating gross proceeds of about $300 million. The offering is expected to close on July 10.
The stock edged down 0.23% to $44.25 in after-hours trading.
Ascendis Pharma A/S (NASDAQ:ASND) priced its underwritten public offering of 4.225 million ADSs, each of which represents one ordinary share of Ascendis, at $142 per ADS. All of the ADSs are being offered by the company. The offering is expected to close on or about July 10.
The ADSs were slipping 0.75% to $146.50 in after-hours trading.
Pacira Biosciences said it priced its $350 million aggregate principal amount of convertible senior notes due 2025 in a private placement to qualified institutional buyers. The offering size was increased from the previously announced offering size of $300 million. The sale of the notes to the initial purchasers is expected to settle July 10. The company expects the net proceeds from the offering to be about $339 million.
The stock added 0.61% to $54.50 in after-hours trading.
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