The Daily Biotech Pulse: Intuitive Surgical Earnings, Corbus To Offer Shares, Eton In-Licenses Neurologic Drug

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

No biotech stocks hit 52-week peaks Thursday.

Down In The Dumps

(Biotech stocks hitting 52-week lows on Jan. 24)

Amneal Pharmaceuticals Inc AMRX
Lexicon Pharmaceuticals, Inc. LXRX
Medigus Ltd. MDGS
Apricus Biosciences, Inc. APRI
Xeris Pharmaceuticals Inc XERS
Zafgen Inc ZFGN

Stock In Focus

Corbus To Offer Shares

Corbus Pharmaceuticals Holdings Inc CRBP said it plans to sell shares of its common stock in a registered, underwritten public offering. All the shares are to be sold by the company. The company said it intends to use the net proceeds to fund the development of lenabasum and the compounds recently licensed from Jenrin and for general corporate purposes.

The stock fell 7.85 percent to $6.69 in after-hours trading.

Intuitive Surgical Q4 EPS Trails Estimate, Revenues Exceed

Intuitive Surgical, Inc. ISRG reported Q4 non-GAAP EPS of $2.96, higher than the $2.60 reported a year-ago, but missing the consensus estimate of $3.07. Revenues rose 17 percent year-over-year to $1.047 billion, ahead of the $1.04 billion consensus estimate.

The company said it shipped 290 da Vinci Surgical Systems in the quarter compared to 216 in the year-ago quarter.

The stock declined 3.94 percent to $514.99 in after-hours trading.

Eton Pharma In-licenses Liquid Formulation Of Neurologic Drug

Eton Pharmaceuticals Inc ETON said it has entered into a licensing and supply agreement for ET-104, an oral liquid product candidate for treating a neurological condition. ET-104 is currently approved in an oral solid formulation but not in liquid form. Eton said its partner Liqmeds Worldwide plans to file a patent on its unique formula in Q1.

Eton along with its partner expects to complete a bioequivalence trial in the second half of 2019, and if the trial proves successful, the companies plan to file a NDA by the end of 2019.

Eton is responsible for regulatory activities and marketing of ET-104 in the U.S., and will pay Liqmeds a minority profit share from the commercial sales and an upfront payment of $350,000, and up to an additional $2.15 million in regulatory and commercial milestone payments.

The shares rallied 20.97 percent to $7.50 in after-hours trading.

Arena Closes Out-Licensing Agreement With United Therapeutics

Arena Pharmaceuticals, Inc. ARNA said closed its previously announced licensing agreement with United Therapeutics Corporation UTHR, under which it out-licensed its Phase 3 investigational drug ralinepag, an oral, selective and potent prostacyclin receptor agonist for treating pulmonary arterial hypertension.

On closing of the agreement, United Therapeutics paid a non-refundable upfront cash payment of $800 million to Arena. Arena also stands to receive potential milestone payments up to $400 million, and low double-digit tiered royalties on annual net sales of ralinepag.

Amgen's Cholesterol Drug Approved For New Indication In China

Amgen, Inc. AMGN said the Chinese National Medicinal Products Administration approved its cholesterol drug Repatha as a treatment option for adults with established atherosclerotic cardiovascular disease, or ASCVD, to reduce the risk of myocardial infarction, stroke and coronary revascularization.