EyeGate Pharmaceuticals Inc. shares surged as much as 15% in pre-market trade Tuesday after an announcement of the company's licensing agreement with Valeant Pharmaceuticals International Inc. . The deal is for exclusive, global commercial and manufacturing rights for EyeGate's EyeGate II Delivery System, which is an alternative to eye drops and ocular injections, and EGP-437 combination product, which is being developed for post-operative pain and inflammation in patients who've had ocular surgery. The companies did not state the deal's value and did not appear to have yet filed it with the Securities and Exchange Commission. The deal consists of cash upfront for EyeGate, potential milestone payments and royalties on Valeant's net sales of the product. Valeant had previously licensed the same product, EGP-437, from EyeGate for uveitis in 2015. EyeGate reported positive results from a early/mid-stage trial in December. Valeant shares retreated 0.25% in pre-market trade Tuesday after the news. Valeant shares have dropped 12.6% over the last three months, and EyeGate shares have dropped 8.4%, compared with a 7.0% rise in the S&P 500 .
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