Eleven Biotherapeutics soars on eye drug deal with Roche

14 June 2016

USA-based Eleven Biotherapeutics (Nasdaq: EBIO), specialized in protein therapeutics to treat diseases of the eye, yesterday entered into an exclusive license agreement with Swiss pharma giant Roche (ROG: SIX), relating to Eleven’s interleukin-6 (IL-6) technology.

Under the terms of the agreement, Eleven has agreed to grant an exclusive, worldwide license to Roche to develop and commercialize EBI-031, a humanized monoclonal antibody that potently binds IL-6 and inhibits all known forms of IL-6 cytokine signaling, currently being developed for the potential treatment of ocular diseases, and all other IL-6 antagonist antibody technology owned by Eleven.

Following the press release, the stock was up more than 78% at $3.34 in early trading indications Monday, pushing the company’s market capitalization up to $81 million. Over the past 52 weeks, the stock is down 32%. However, the near term is a very different story - in just the past quarter alone the stock has risen over 450%, noted Chris Lange writing on WallSt 24/7.

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