Benzinga's Daily Biotech Pulse: Biohaven Sells Right To Drug, Obseva To Sell Shares

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 18)

• Aptose Biosciences Inc APTO
• Arrowhead Pharmaceuticals Inc ARWR (announced full enrolment of patients in a Phase 1 study of ARO-AAT for treating alpha-1 antitrypsin deficiency)
• Biohaven Pharmaceutical Holding Co Ltd BHVN
• BioLife Solutions Inc BLFS
• Deciphera Pharmaceuticals Inc DCPH
• Edwards Lifesciences Corp EW
• EXACT Sciences Corporation EXAS (Cowen raised its price target from $65 to $85)
• Galectin Therapeutics Inc. GALT
• Inspire Medical Systems Inc INSP
• Meridian Bioscience, Inc. VIVO
• PTC Therapeutics, Inc. PTCT (presented positive data for its muscular atrophy drug at the SMA Researcher Meeting in Dallas)
• Sarepta Therapeutics Inc SRPT
• Sensus Healthcare Inc SRTS
• Surface Oncology Inc SURF
• Utah Medical Products, Inc. UTMD
• Verastem Inc VSTM(presented positive data for duvelisib, its treatment candidate for chronic lymphocytic leukemia, at the European Hematology Association Congress)

Down In The Dumps

(Stocks hitting 52-week lows on June 18)

• Achieve Life Sciences Inc ACHV
• Atossa Genetics Inc ATOS
• Auris Medical Holding AG (Pre-Merger) EARS
• Catabasis Pharmaceuticals Inc CATB
• Cytori Therapeutics Inc CYTX
• Sonoma Pharmaceuticals Inc SNOA
• TESARO Inc TSRO

See Also: The Week Ahead In Biotech: Conferences, Clinical Trials And IPOs

Stocks In Focus

Biohaven Raises Funding Through Sale of Sales Right

Biohaven Pharma announced sale of rights on future global net sales of products containing its rimegepant, namely BHV-3000, or BHV-3500, and certain derivative products thereof to Royalty Pharma for $100 million. The rights acquirer will also pick up $50 million shares in Biohaven for $45 per share, a 19 percent premium over the 15-day volume-weighted average price through June 15, 2018.

Biohaven expects to use the funding in addition to its cash on hand to support its rimegepant development program through NDA filing, Phase 2 trials of BHV-3500, advancement of the glutamate modulator platform and for the development of its earlier pipeline and clinical infrastructure.

Obseva to Sell 4.75 Million Shares

Obseva SA OBSV shares, which rallied close to 23 percent in regular trading in reaction to positive results reported for the Phase 2b study dubbed EDELWEISS that evaluated its linzagolix for treating endometriosis-related pain, said after the market close it has launched a proposed underwritten public offering of 4.75 million shares.

On The Radar

Sarepta Therapeutics Inc SRPT is due to release Phase 1/2 data on its microdystrophin gene therapy for Duchenne muscular dystrophy on Tuesday.