Merck to acquire EyeBio
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Key takeaways:
- The agreement includes an upfront cash payment of $1.3 billion and up to $1.7 billion in milestone payments.
- Restoret, EyeBio’s lead candidate for DME and wet AMD, is part of the acquisition.
Merck will acquire EyeBio through a subsidiary in an agreement potentially valued at $3 billion, according to a press release.
The acquisition, unanimously approved by the EyeBio board of directors, will expand Merck’s presence in ophthalmology and augment its pipeline.
Merck will acquire all outstanding shares of EyeBio for up to $3 billion, including an upfront cash payment of $1.3 billion and a potential $1.7 billion in “developmental, regulatory and commercial milestone payments,” according to the release.
The acquisition includes EyeBio’s lead candidate Restoret (EYE103), a novel late-phase candidate for diabetic macular edema and neovascular age-related macular degeneration that is anticipated to advance into a pivotal phase 2b/3 trial for DME later this year.
“The EyeBio team has successfully assembled a pipeline of novel candidates with the potential to provide new treatment options for patients with retinal disease,” David R. Guyer, MD, CEO and president of EyeBio, said in the release. “As a subsidiary of Merck, EyeBio will be positioned to tap into the resources and infrastructure needed to support the clinical, regulatory and commercial development of these candidates and help bring them to patients worldwide.”
The transaction is expected to close in the third quarter.
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