Eleven Biotherapeutics Inc. shares surged 24.6% in pre-market trade Wednesday after the company said it had entered into and completed an acquisition of Viventia Bio Inc. The company will continue to be named Eleven Biotherapeutics, focusing on developing new oncology treatments in areas of unmet need, and will be led by Viventia’s chief executive officer, Stephen Hurly, who will become president and CEO of Eleven. Eleven’s former president and CEO, Abbie Celniker, will remain a company director. Under the agreement, Eleven purchased Viventia’s outstanding capital stock in exchange for Eleven shares representing about 19.9% of the company’s voting power. Viventia’s lead product candidates are Vicinium, a bladder cancer treatment that is in late-stage clinical trials, and Proxinium, a head and neck cancer treatment that is expected to enter mid-stage development next year. Eleven Biotherapeutics shares rose 44.6% over the last three months, compared with a 2.4% rise in the S&P 500 .
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