Does Deal With Roche Signal Eleven's Doomed Fate?
Eleven Biotherapeutics Inc. more than doubled in value in early trading on June 13 before closing up 27.8% at $2.39 per share after the company said it licensed EBI-031, its lead development program, to Roche – a move that could signal Eleven's intention to wind down the eye disease-focused company.
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Merger with troubled ophthalmology biotech Eleven takes Viventia public and joins the protein-engineering and manufacturing expertise of the two firms. Lead candidate Vicinium is in Phase III for high-grade, non-muscle invasive bladder cancer.
Biopharma financing decreased by 16% in Q2 to $4.8 billion, while the total value of acquisitions nearly doubled to $22 billion, including AbbVie's $9.8 billion takeover of Stemcentrx. Alliances garnered an aggregate potential deal value of $23.1 billion, led by Allergan's CNS agreement with Heptares.