The Daily Biotech Pulse: GlaxoSmithKline And Halozyme Go Shopping, Mylan's Insulin Glargine Recall, Turning Point Shares Lung Cancer Data And More

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

Stocks In Focus

Halozyme Buys Specialty Product Company Antares In $960M Deal

Halozyme Therapeutics Inc HALO will acquire Antares Pharma Inc ATRS for $5.60 per share, valuing Antares at approximately $960 million.

The transaction is expected to be accretive to Halozyme's 2022 revenue and adjusted earnings and accelerate top-and bottom-line growth through 2027, with multiple growth drivers beyond 2027. 

ATRS shares are surging 48.1% at $5.54 during the premarket session.

GlaxoSmithKline Scoops Up Rare Cancer-Focused Sierra Oncology In $1.9B Cash Deal

GlaxoSmithKline plc GSK has agreed to acquire Sierra Oncology Inc SRRA for $55 per share in cash, equivalent to an equity value of $1.9 billion (£1.5 billion).

Sierra's momelotinib complements GSK's Blenrep, building on GSK's commercial and medical expertise in hematology. 

SRRA shares are gaining 37.8% at $54.45 during the premarket trading.

Click here to access Benzinga's FDA Calendar

ProQR Discontinues Working On Inherited Retinal Disease Programs

ProQR Therapeutics N.V. PRQR has decided to prioritize the development of genetic eye disease candidates and the Axiomer RNA base-editing technology platform. The company will suspend the development of QR-1123 for autosomal dominant retinitis pigmentosa, QR-504a for Fuchs endothelial corneal dystrophy, and all other Inherited Retinal diseases (IRD)-related research activities.

ProQR will implement restructuring initiatives, including a 30% workforce reduction, extending the cash runway into 2025.

Shares are gaining 7.27% at $0.97 during premarket trading.

MaxCyte Expects Q1 Sales Beat Expectations, CFO Resigns

MaxCyte Inc MXCT has appointed Ron Holtz, current Senior Vice President, and Chief Accounting Officer, as the Interim Chief Financial Officer as Amanda Murphy has resigned as CFO, effective April 15. 

MaxCyte also expects first-quarter sales of at least $11 million, versus the consensus of $8.46 million and $6.5 million in the last year's quarter.

Turning Point Reveals Topline Data From Repotrectinib Trial In Lung Cancer Setting

Turning Point Therapeutics Inc TPTX announced topline results from the registrational TRIDENT-1 study of repotrectinib across four ROS1-positive advanced non-small cell lung cancer (NSCLC) cohorts.

In 71 TKI-naïve advanced NSCLC population, the confirmed objective response rate was 79%, with four patients achieving a complete response and 52 patients (73%) achieving a partial response.

Viatris' Mylan Recalls One Batch Of Insulin Glargine Due To Missing Label

Mylan Pharmaceuticals Inc, a Viatris Inc VTRS company, is voluntarily recalling one batch of its Insulin Glargine (Insulin glargine-yfgn) Injection, 100 units/mL (U-100), which is packaged in a 10 mL vial that is inside a carton. 

The batch is being recalled due to the potential for the label to be missing on some vials.

NanoString Forecasts Lower Than Expected Q1 Sales

NanoString Technologie Inc NSTG expects first quarter sales of approximately $31 million, lower than the company's previous guidance of $34 million-$38 million.

Shares slipped 31.4% at $22.62 during the after-market trading.

Cardiff Oncology's Medical Officer Resigns

Cardiff Oncology Inc CRDF chief medical officer (CMO) Katherine L. Ruffner will be leaving on April 22 to pursue a new opportunity. 

Sandra Silberman, who previously acted as a chief medical advisor to Cardiff Oncology from June 2017 to July 2021, has agreed to serve as the senior medical advisor and oversee its clinical trials & operations team on an interim basis.

Insider Trading

Alzamend Neuro Inc ALZN Director Ault Milton C III purchased 50,000 shares at $1.13.

Shares are rising 17.6% at $1.20 during premarket trading.

Clinical Readouts/Presentations

American Association for Cancer Research Meeting Presentations 

Kura Oncology Inc KURA: Data from Phase 1/2 trial of tipifarnib and alpelisib in head and neck squamous cell carcinoma.

MEI Pharma Inc MEIP: Preclinical data for zandelisib and ME-344.

Offerings

Affimed N.V. AFMD priced the public offering of 22.5 million at $4.00 per share, with net proceeds of $84.6 million.

Underwriters have an option to purchase up to 3.375 million shares.

Shares are up 5.80% at $4.38 during the premarket trading.

Liquidia Corporation LQDA priced an underwritten public offering of 9.8 million at $5.10 for approximately $50.0 million for gross proceeds.

Underwriters have an option to purchase up to 1.47 million shares.

Shares are slipping 13.6% at $5.35 during the premarket trading.

Crinetics Pharmaceuticals Inc CRNX has priced a follow-on offering of 5.62 million at $22.22 per share, with $125 million in gross proceeds.

On The Radar

PDUFA Dates

The FDA is scheduled to rule on Regeneron Pharmaceuticals Inc REGN / Roche Holdings AG's RHHBY biologic license application for REGEN-COV as a prophylactic treatment for COVID-19.

Earnings

Theratechnologies Inc THTX (before the market open)