San Diego Life Sciences Roundup: Receptos, Arena, NuVasive, & More
Amid the hectic pace of earnings releases, we saw a number of partnership agreements and other developments coming out of San Diego’s life sciences community. Here’s my wrap-up.
—Shares of San Diego-based Receptos (NASDAQ: RCPT), a biotech developing new treatments for immune disorders, began trading on the Nasdaq exchange this morning after the company said it had priced a bigger-than-expected IPO at $14 a share. The company raised $73 million by offering 5.2 million shares, an increase from its planned offering of 4.7 million shares. Receptos granted its underwriters a 30-day option to purchase up to an additional 780,000 shares to cover any over-allotments.
—Another San Diego biotech, cancer drug developer Ambit Biosciences, is waiting in the wings for its IPO debut. Ambit, which would trade on Nasdaq under the ticker symbol AMBI, plans to raise $65 million by offering 4.6 million shares at a price range between $13 to $15.
—San Diego’s Arena Pharmaceuticals (NASDAQ: ARNA) and its partner Eisai Pharmaceuticals of Japan said they can begin sales of lorcaserin (Belviq) as a treatment for obesity (in addition to diet and exercise) next month, after winning final approval from the DEA. In giving its approval to lorcaserin last year, the FDA recommended a DEA review last year to help prevent abuse of the weight-loss drug. Arena failed to win FDA approval for lorcaserin in 2010. The DEA rated lorcaserin as a Schedule 4 controlled substance, which carries a relatively low risk of abuse. Eisai also will pay Arena a $65 million milestone payment due under their partnership agreement.
—The Scripps Research Institute (TSRI) said it signed a five-year agreement with Janssen Pharmaceuticals to collaborate on infectious disease research and discovery, with an initial goal targeting … Next Page »