Viventia, Eleven Biotherapeutics deal
Ophthalmic therapeutics company Eleven acquired cancer company Viventia. The combined company will retain Eleven’s name and will primarily develop Viventia’s pipeline, including Vicinium ( VB4-845) and Proxinium ( VB4-847). It will seek to develop oncology therapeutics based on antibody fragments genetically fused to cytotoxic proteins.
Viventia shareholders will receive 4 million newly issued Eleven shares, valued at $13.5 million based on Eleven’s close of $3.37 on Sept. 20, before the deal was announced. Viventia shareholders own 16.6% of the combined company, and Eleven will own the remainder. The shareholders also are eligible for a $12.5 million milestone upon the first U.S. sale of Vicinium, $7 million tied to its first sale in Europe and $3 million tied to its first sale in Japan, plus earn-outs of 2% on net sales. ...