Benzinga's Daily Biotech Pulse: Johnson & Johnson to Dispose Sterilization Products Business, Mixed Results From Protesostasis' Cystic Fibrosis Study

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 June 6)

• AMAG Pharmaceuticals, Inc. AMAG
• Baxter International Inc BAX
• Beigene Ltd (ADR) BGNE
• BIO-TECHNE Corp TECH
• CareDx Inc CDNA
• CAS Medical Systems Inc CASM
• CONMED Corporation CNMD
• Champions Oncology Inc CSBR
• Cytosorbents Corp CTSO
• Eloxx Pharmaceuticals Inc ELOX
• Evolus Inc EOLS
• EXACT Sciences Corporation EXAS
• Genomic Health, Inc. GHDX
• Haemonetics Corporation HAE
• Insulet Corporation PODD
• Jazz Pharmaceuticals PLC (NASDAQ: JAZZ
• Krystal Biotech Inc KRYS
• Laboratory Corp. of America Holdings LH
• Madrigal Pharmaceuticals Inc MDGL
• Medpace Holdings Inc MEDP
• MEI Pharma Inc MEIP
• ResMed Inc. RMD
• Oncolytics Biotech, Inc. (USA) ONCY
• Progenics Pharmaceuticals, Inc. PGNX
• Regenxbio Inc RGNX
• Rhythm Pharmaceuticals Inc RYTM
• TherapeuticsMD Inc TXMD
• Ultragenyx Pharmaceutical Inc RARE
• Verastem Inc VSTM

Down In The Dumps

(Stocks hitting 52-week lows on June 6)

• Achieve Life Sciences Inc ACHV
• Scpharmaceuticals Inc SCPH
• TrovaGene TROV

Related Link: Attention Biotech Investors: Mark Your Calendar For These June PDUFA Dates

Stocks In Focus

Johnson & Johnson to Sell Sterilization Business to Fortive

Johnson & Johnson JNJ announced a deal to sell its Advanced Sterilization Products, or ASP, business to Fortive Corp FTV for $2.8 billion, with $2.7 billion in cash proceeds and the remaining $0.1 billion in retained net receivables. The ASP business fetched Johnson & Johnson $775 million in net revenues in 2017.

Fortive rallied 5.46 percent to $79.05 in after-hours trading.

Protesostasis Cystic Fibrosis Drug Trial Shows Issues With Safety

Proteostasis Therapeutics Inc PTI announced data from the Phase 1, 14-day dosing study of PTI-801 in cystic fibrosis patients on background Orkambi (lumacaftor/ivacaftor) therapy, which showed improvement in sweat chloride and body mass index, the study's exploratory endpoints.

"At higher doses, PTI-801 demonstrated a statistically significant improvement in SC and BMI in the 14-day treatment period," the company said.

The improvement in ppFEV – reflective of lung function, though observed in all cohorts, was not statistically significant, the company added.

The stock plunged 15.92 percent to $4.12 in after-hours trading.

Common Stock Offerings

Viking Therapeutics Inc VKTX announced offering of common shares for development of its VK5211, VK2809 and VK0214 programs.

Mirati Therapeutics Inc MRTX announced intention for offering common share.

Pricing Of Common Stock Offerings

Zymeworks Inc ZYME priced offering of 5.4 million shares at $15.75/share for gross proceeds of $300 million.

Madrigal Pharma priced offering of 1.347 million shares at $305/share for gross proceeds of $85.1 million.

Deciphera Pharmaceuticals Inc DCPH priced offering of 4.3 million share at $40/share for gross proceeds of $172 million.

ImmunoGen, Inc. IMGN priced its upsized offering of 13.7 million shares.

On The Radar

The following company reports earnings on Thursday:

• Advaxis, Inc. ADXS

FDA Tidbits

The FDA filed a compliant against Innovative BioDefense, which sells Zylast topical antiseptics, a hand sanitizer, by falsely claiming it offers protection against pathogens such as norovirus, rotavirus, flu virus, methicillin-resistant Staphylococcus Aureus and ebola.