The Daily Biotech Pulse: Pfizer-Glaxo Set Up Consumer Health Care Venture, New Patent For Adamas

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

No biotech stocks hit 52-week highs Tuesday.

Down In The Dumps

(Biotech stocks hitting 52-week lows on Dec. 18)

• Accelerate Diagnostics Inc AXDX
• Achieve Life Sciences Inc ACHV
• Achillion Pharmaceuticals, Inc. ACHN
• Aclaris Therapeutics Inc ACRS
• Adamas Pharmaceuticals Inc ADMS
• Advaxis, Inc. ADXS
• Agios Pharmaceuticals Inc AGIO
• Aileron Therapeutics Inc ALRN
• Akebia Therapeutics Inc AKBA
• Akers Biosciences Inc AKER
• Alkermes Plc ALKS
• Allena Pharmaceuticals Inc ALNA
• AnaptysBio Inc ANAB
• Anavex Life Sciences Corp AVXL
• ANI Pharmaceuticals Inc Common Stock ANIP
• Applied Genetic Technologies Corp AGTC
• Apricus Biosciences Inc APRI
• Aptevo Therapeutics Inc APVO
• Aquestive Therapeutics Inc AQST
• Aravive Inc ARAV
• AxoGen, Inc Common Stock AXGN
• AzurRx BioPharma Inc AZRX
• BioXcel Therapeutics Inc BTAI
• BIOLINERX LTD/S ADR BLRX
• Celldex Therapeutics, Inc. CLDX
• Cellectar Biosciences Inc CLRB
• Chembio Diagnostics Inc CEMI
• Chimerix Inc CMRX
• Conatus Pharmaceuticals Inc CNAT
• Corvus Pharmaceuticals Inc CRVS
• CytRx Corporation CYTR
• Diffusion Pharmaceuticals Inc DFFN
• Dova Pharmaceuticals Inc DOVA
• DURECT Corporation DRRX
• Dynavax Technologies Corporation DVAX
• Edge Therapeutics Inc EDGE
• Endologix, Inc. ELGX
• Enzo Biochem, Inc. ENZ
• Flex Pharma Inc FLKS
• Forward Pharma A/S FWP
• Gemphire Therapeutics Inc GEMP
• Genocea Biosciences Inc GNCA
• Geron Corporation GERN
• Idera Pharmaceuticals Inc IDRA
• ImmunoGen, Inc. IMGN
• Insmed Incorporated INSM
• Insys Therapeutics Inc INSY
• Intellia Therapeutics Inc NTLA
• Intra-Cellular Therapies Inc ITCI
• Ironwood Pharmaceuticals, Inc. IRWD
• Jaguar Health Inc JAGX
• La Jolla Pharmaceutical Company LJPC
• Leap Therapeutics Inc LPTX
• LeMaitre Vascular Inc LMAT
• Melinta Therapeutics Inc MLNT
• Mersana Therapeutics Inc MRSN
• Menlo Therapeutics Inc MNLO
• Mesoblast limited MESO
• Miragen Therapeutics Inc MGEN
• Nabriva Therapeutics PLC – ADR NBRV
• Nemaura Medical Inc NMRD
• Neovasc Inc NVCN
• Neurometrix Inc NURO
• Nymox Pharmaceutical Corp NYMX
• Oncolytics Biotech, Inc. ONCY
• Onconova Therapeutics Inc ONTX
• OncoSec Medical Inc ONCS
• OpGen Inc OPGN
• Ophthotech Corp OPHT
• OptiNose Inc OPTN
• Otonomy Inc OTIC
• Phio Pharmaceuticals Corp PHIO
• Pieris Pharmaceuticals Inc PIRS
• Portola Pharmaceuticals Inc PTLA
• Precipio Inc PRPO
• Progenics Pharmaceuticals, Inc. PGNX
• Prothena Corporation PLC PRTA
• Psychemedics Corp. PMD
• Revance Therapeutics Inc RVNC
• Seres Therapeutics Inc MCRB
• Sienna Biopharmaceuticals Inc SNNA
• Sophiris Bio Inc SPHS
• Spectrum Pharmaceuticals, Inc. SPPI
• Sunesis Pharmaceuticals, Inc. SNSS
• Synlogic Inc SYBX
• Taro Pharmaceutical Industries Ltd. TARO
• Tetraphase Pharmaceuticals Inc TTPH
• Titan Medical Inc. TMDI
• Tonix Pharmaceuticals Holding Corp TNXP
• Trevena Inc TRVN
• TrovaGene Inc TROV
• Urovant Sciences Ltd UROV
• Unum Therapeutics Inc UMRX
• Vascular Biogenics Ltd VBLT
• Vermillion, Inc. VRML
• Verrica Pharmaceuticals Inc VRCA
• VERONA PHARMA P/S ADR VRNA
• Vital Therapies Inc VTL
• Yield10 Bioscience Inc YTEN
• Zynerba Pharmaceuticals Inc ZYNE

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

Stocks In Focus

Pfizer, Glaxo To Combine Consumer Health Care Business With an Eye On Spinoff

Pfizer Inc. PFE and GlaxoSmithKline plc GSK announced an agreement to create a joint venture focusing on consumer health care that would boast of the iconic brands of both companies. The joint venture will unite Pfizer's consumer health care business to Glaxo's existing consumer healthcare business, with the former receiving a 32 percent stake in the venture and the right to receive pro rata share of the venture's earnings and dividends.

The venture, to be named GSK Consumer Healthcare, will eventually lead to its separation as an independent company and a listing on the U.K. stock market.

Eli Lilly Licenses Aduro's Program For Developing Immunotherapies

Aduro BioTech Inc ADRO and Eli Lilly And Co LLY announced a research collaboration and exclusive license agreement for the former's cGAS-STING Pathway Inhibitor program that is being used to develop immunotherapies for autoimmune and other inflammatory diseases.

The agreement provides for Aduro receiving an upfront payment of $12 million and also potential development and commercial milestone payments up to $620 million, as well as royalties in the single-to-low-double digits, if Eli Lilly succeeds in commercializing a therapy from the collaboration.

Aduro shares rallied 29.55 percent to $3.20 in after-hours trading.

Adamas Parkinson's Drug Gets New Patent

Adamas said the U.S. Patent and Trademark Office has issued a new patent covering its Gocovri extended released capsules.

Gocovri was approved in Aug. 2017 as a treatment option for dyskinesia in patients with Parkinson's disease, who receive levodopa-based therapy, with or without concomitant dopaminergic medications.

The newly-issued patent pertains to a method of reducing OFF time in patients with Parkinson's disease.

The shares advanced 4.94 percent to $8.50 in after-hours trading.

Surface Oncology to Reduce Investment In Early-stage Immuno-oncology Candidate

Issuing an update on its product pipeline, Surface Oncology Inc SURF said it plans to significantly reduce investment in and scope of its SRF231 program and file two investigational new drug applications, or INDs, in 2019.

SRF231 is a fully human antibody that inhibits the activity of CD47 protein, which is overexpressed in many types of cancer cells.

The decision to trim investment in SRF231 program was attributed to initial data from the ongoing Phase 1 trial, the CD47 competitive landscape and continued emergence and prioritization of the company's CD39 and IL-27 program.

Based on the reprioritization, the company expects projected cash runaway through 2021.

The stock plunged16.6 percent to $6.18 in after-hours trading.

Novartis Unit Dry Eye Treatment Device Maker Tear Film

Novartis AG NVS's Alcon unit announced the acquisition of privately-held Tear Film Innovations, which manufactures iLux, a device to treat Meibomain Gland Dysfunction that causes dry eye.

Alcon said it plans to expand the availability of this technology throughout the U.S. and Canada in early 2019.

Amgen In-licenses a New Class of Immuno-oncology Drug

Amgen, Inc. AMGN said it has agreed to in-license Molecular Partner's MP0310, a pre-clinical molecule designed to locally activate immune cells in the tumor by binding to FAP on tumor stromal cells and co-stimulating T cells via 4-1BB. Amgen has agreed to pay Molecular Partner an upfront payment of $50 billion and potential development, regulatory and commercial milestone payments up to $497 million.

Takeda to List On NYSE

Japanese pharma company Takeda, which has agreed to acquire Shire PLC SHPG, said its ADSs will be listed on the NYSE, with the securities to commence trading Dec. 24 under the ticker symbol TAK.

Ligand Raises FY18 Guidance; Initiated FY19 Guidance

Ligand Pharmaceuticals Inc. LGND announced 2019 guidance, expecting revenues of at least $212 million, with $40 million in potential milestone and license payment, and adjusted EPS of $5.50.

Citing higher material sales, the company raised its previous 2018 guidance from $240 million to $244 million, and adjusted EPS guidance from $6.52 to $6.63.

Sanofi Transfers U.S. Listing to Nasdaq

Sanofi SA SNY announced transfer of its U.S. listing from the NYSE to the Nasdaq, effective Dec. 31, after the close.