The Daily Biotech Pulse: Exelixis Signs Cancer Drug Licensing Deal, Adamis Offering, Surmodics Surges On Earnings

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks hitting 52-week highs on Aug. 1)

• Grifols SA - ADR ADR Class B GRFS
• Odonate Therapeutics Inc ODT
• ZIOPHARM Oncology Inc. ZIOP

Down In The Dumps

(Biotech stocks hitting 52-week lows on Aug. 1)

• Abeona Therapeutics Inc ABEO
• Aclaris Therapeutics Inc ACRS
• Alimera Sciences Inc ALIM
• ANCHIANO THERAP/S ADR ANCN
• Aquestive Therapeutics Inc AQST
• Atreca Inc BCEL
• China SXT Pharmaceuticals Inc SXTC
• Equillium Inc EQ
• Evelo Biosciences Inc EVLO
• Gamida Cell Ltd GMDA
• Hemispherx BioPharma, Inc HEB
• Intercept Pharmaceuticals Inc ICPT
• Lexicon Pharmaceuticals, Inc. LXRX(reported below-consensus Q2 results)
• Ligand Pharmaceuticals Inc. LGND
• Mediwound Ltd MDWD
• Neurometrix Inc NURO
• Oncolytics Biotech, Inc. ONCY
• OptiNose Inc OPTN
• T2 Biosystems Inc TTOO(reacted to negative second-quarter results)

See Also: Biotech Stock On The Radar: Veru, A Catalyst-Rich Biopharma

Stocks In Focus

Exelixis Strikes Option and Licensing Agreement For Developing Cancer Drugs

Exelixis, Inc. EXEL has entered into an exclusive collaboration, option and license agreement with India-based biotech Aurigene Discovery Technologies Limited to in-license as many as six programs from the latter. Aurigene is a wholly-owned subsidiary of Dr. Reddy's Laboratories Ltd RDY and is engaged in the development of therapies for cancer and inflammatory diseases.

Under the agreement, Exelixis will pay Aurigene an upfront payment of $10 million for exclusive options to license three preexisting programs. Also, both companies plan to initiate three Aurigene-led drug discovery programs for additional option payments of $2.5 million per program.

Exelixis shares moved up 0.99% to $21.48 in after-hours trading.

Pfizer, Glaxo Consummate Merger of Consumer Healthcare JV

Pfizer Inc. PFE and GlaxoSmithKline plc GSK said the merger of the companies' consumer health care businesses is now complete, creating the world's largest OTC business. Pfizer owns 32% equity stake in the venture and Glaxo the remaining 68%.

The combined business, which will operate globally as GSK Consumer Healthcare, is to be led by Glaxo CEO Brian McNamara.

Adaptive's clonoSEQ Test Approved In New York State For Monitoring Blood Cancers

Adaptive Biotechnologies Corp ADPT said the State of New York Clinical Laboratory Evaluation Program has approved the clonoSEQ Assay or the detection and monitoring of minimal residual disease in patients with B-cell blood cancers.

"The CLEP approval makes clonoSEQ testing accessible to patients in New York who have been diagnosed with B-cell cancers, a subset of lymphoid cancers that includes ALL, multiple myeloma, chronic lymphocytic leukemia and B-cell non-Hodgkin's lymphoma," the company said.

The stock rose 2.44% to $39.49 in after-hours trading.

Adamis to Offer Shares and Warrants

Adamis Pharmaceuticals Corp ADMP said it intends to sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering.

The stock plunged 16.52% to 92 cents in after-hours trading.

Earnings

SurModics, Inc. SRDX's third-quarter revenues climbed 9.5% year-over-year to $24.3 million. The EPS, on a non-GAAP basis, fell from 20 cents to 11 cents. The company raised its guidance for 2019.

The stock rallied 13.67% to $41.70 in after-hours trading.

ACADIA Pharmaceuticals Inc. ACAD reported second-quarter net product sales of $83.2 million, up 46% year-over-year, and its net loss narrowed from 51 cents per share to 38 cents per share. The company raised its 2019 net product sales guidance.

The stock added 6.59% to $26.20 in after-hours trading.

Vanda Pharmaceuticals Inc. VNDA said its second-quarter net product sales climbed 24% to $59.1 million. The EPS increased year-over-year from 15 cents to 28 cents. The company reiterated its 2019 net product sales guidance and also its year-end cash guidance.

The stock gained 7.31% to $13.36 in after-hours trading.

On The Radar

Earnings

• Akorn, Inc. AKRX (before the market open)
• ABIOMED, Inc. ABMD (before the market open)
• Agios Pharmaceuticals Inc AGIOV
• Clovis Oncology Inc CLVS (before the market open)
• Concert Pharmaceuticals Inc CNCE (before the market open)
• Syros Pharmaceuticals Inc SYRS (before the market open)
• Insmed Incorporated INSM (before the market open)
• Intellia Therapeutics Inc NTLA (before the market open)
• Genomic Health, Inc. GHDX (after the market close)
• Acorda Therapeutics Inc ACOR (after the market close)
• Emergent Biosolutions Inc EBS (after the market close)
• BioMarin Pharmaceutical Inc. BMRN (after the market close)
• Coherus Biosciences Inc CHRS (after the market close)
• Kindred Biosciences Inc KIN (after the market close)
• Bio-Rad Laboratories, Inc. Class A Common Stock BIO (after the market close)
• Geron Corporation GERN (after the market close)
• Corvus Pharmaceuticals Inc CRVS (after the market close)
• CareDx Inc CDNA (after the market close)
• Globus Medical Inc GMED (after the market close)
• Verastem Inc VSTM (after the market close)
• Ultragenyx (after the market close)
• Kura Oncology Inc KURA (after the market close)