EBIO Stock Rockets in Premarket Trading Monday
Eleven Biotherapeutics, Inc. (EBIO) shares are trading higher by nearly 80% after the company this morning announced that it has entered into an exclusive license agreement with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. 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. Eleven said it will be entitled to an upfront payment of $7.5 million, along with potential future milestone payments of up to $262.5 million.
“We were excited to announce the submission of an [investigational new drug application] for EBI-031 earlier today,” said in a statement Abbie Celniker, Ph.D., President and CEO of Eleven Biotherapeutics. “We are pleased to see Roche poised to further develop this potent IL-6 blocker for the potential benefit of patients. As previously announced, we also continue to evaluate additional strategic alternatives with a goal to maximize shareholder value.”
Shares of Eleven Biotherapeutics have gained $1.46 to $3.33 in pre-market trading on Monday, giving it a market cap of roughly $37 million. The stock traded as high as $8.00 on August 12, 2015.