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Eleven Biotherapeutics, Roche enter exclusive license agreement for IL-6 antagonist antibody technology

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Eleven Biotherapeutics has entered into an exclusive license agreement with Roche to develop and commercialize EBI-031 and other IL-6 antagonist antibody technology owned by Eleven, according to a press release.

Under the terms of the agreement, Eleven will eligible for an upfront payment of $7.5 million and potential milestone payments of up to $262.5 million, as well as royalties for net sales of future products containing EBI-031 or other IL-6 compounds.

In a separate press release, Eleven announced the company has submitted an investigational new drug application to the FDA to initiate a phase 1 clinical trial of EBI-031 for the treatment of ocular diseases such as diabetic macular edema and uveitis.

The first milestone payment will be for $22.5 million if the IND becomes effective on or before Sept. 15 or $20 million if it becomes effective after Sept. 15.

“We also continue to evaluate additional strategic alternatives with a goal to maximize shareholder value,” Abbie Celniker, PhD, president and CEO of Eleven, said in the release.