Eleven Biotherapeutics Inc (NASDAQ:EBIO) shares advanced around 8% higher in Tuesday’s early deals after it inked an exclusive licensing deal with Roche.
The deal is tied to Eleven’s antibody technology and sees the discovery group receive US$30mln in payments from the Swiss drugs giant, with a US$7.5mln upfront payment and up to US$22mln coming as certain milestones linked to a new drug application.
Specifically, it relates to EBI-031 and Eleven’s other antagonist antibody technologies. EBI-031 is currently in development for the treatment of ocular diseases.
Eleven could ultimately see a further US$240mln built around other regulatory, development and commercialization milestones.
On top of that, the company will get royalties from future sales.
“With the completion of this licensing deal and the IND being effective, we look forward to the future clinical advancement of EBI-031 by Roche as they explore its potential use for ocular diseases, including diabetic macular edema,” said Abbie Celniker, Eleven Biotherapeutics chief executive.