Benzinga's Daily Biotech Pulse: PTC To Buy Agilis, Zynerba To Offer Shares, Intuitive Surgical's Strong Q2

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 July 19)

• Bio-Rad Laboratories, Inc. BIO
• Champions Oncology Inc CSBR
• Coherus Biosciences Inc CHRS
• Eagle Pharmaceuticals Inc EGRX
• Genomic Health, Inc. GHDX
• IDEXX Laboratories, Inc. IDXX
• Kindred Biosciences Inc KIN
• Ligand Pharmaceuticals Inc. LGND
• Medtronic PLC MDT
• Medpace Holdings Inc MEDP
• MORPHOSYS AG/S ADR MOR(announced licensing of its atopic dermatitis treatment candidate MOR106 to Novartis AG (ADR) NVS)
• Novocure Ltd NVCR
• Reata Pharmaceuticals Inc RETA
• SurModics, Inc. SRDX

Down In The Dumps

(Stocks hitting 52-week lows on July 19)

• Aileron Therapeutics Inc ALRN
• MEDIGUS LTD/S ADR MDGS(announced pricing of common stock offering)
• Mersana Therapeutics Inc MRSN(reported a patient death in its cancer drug trial, and subsequently, the FDA imposed a partial clinical hold)
• Obalon Therapeutics Inc OBLN
• Oramed Pharmaceuticals, Inc. ORMP
• RXi Pharmaceuticals Corp RXII
• Scpharmaceuticals Inc SCPH
• Titan Medical Inc. TMDI

See Also: The Week Ahead In Biotech: Conferences, Clinical Trial Results, IPOs And More

Stocks In Focus

PTC Therapeutics To Buy Agilis

PTC Therapeutics, Inc. PTCT announced an agreement to buy Agilis Biotherapeutics, which is developing a gene therapy platform for rare monogenic diseases affecting the central nervous system, for an upfront payment of $50 million in cash and about $150 million in PTC common stock. In addition, Agilis stands to receive up to $745 million in milestone payments.

Agilis' lead gene therapy candidate GT-AADC has compelling clinical data for treating Aromatic L-Amino Acid Decarboxylase, or AADC, deficiency. PTC Therapeutics said it plans to submit a BLA for GT-AADC in 2019.

The transaction, approved by the board of both companies, is expected to close in Q3.

PTC Therapeutics shares rose 8.34 percent to $39.60 in after-hours trading.

Roche‘s Alzheimer's Disease Diagnostic Assays Get Breakthrough Designation

Roche Holdings AG Basel ADRRHHBY said the FDA has granted breakthrough device designation to its Elecsys beta-Amyloid CSF and Elecsys Phospho-Tau CSF, which are in vitro diagnostic immunoassays for measuring beta-Amyloid (1-42) and Phospho-Tau concentrations in cerebrospinal fluid of Alzheimer's Disease, or AD, and dementia patients.

Separately, the company said it will present 16 new data presentations from across its AD pipeline at the Alzheimer's Association International Conference to be held from July 22-26 in Chicago.

Intuitive Surgical Q2 Results Exceed Expectations

Intuitive Surgical, Inc. ISRG reported Q2 revenues of $909 million, 20 percent year-over-year growth, and non-GAAP net income of $2.76 per share vs. $2 per share in the year-ago quarter. The company noted worldwide da Vinci procedures rose 18 percent.

The stock rose 2.63 percent to $535 in after-hours trading.

Zynerba Announces Common Stock Offering

Zynerba Pharmaceuticals Inc ZYNE said it plans an underwritten common stock offering, with all shares to be sold to be offered by the company. The company said it intends to use the proceeds to support clinical development of ZYN002, for additional R&D, and for general corporate purposes.

The stock slumped 17.08 percent to $8.64 in after-hours trading.

On The Radar

Oncolytic immunotherapy company Replimune Group has priced its initial public offering of 6.7 million shares at $15.The shares will begin trading on the Nasdaq under the ticker symbol NASDAQ:REPL.