Eyebiotech Acquisition, Valuation, Funding & Investors

Eyebiotech was acquired by Merck for $3B in May 2024.

Eyebiotech acquisition price

$3B

Acquired by Merck · May 2024

Cumulative funding Eyebiotech raised

$130M

across 2 funding rounds

Key investors in Eyebiotech

  • SV Health Investors
  • Samsara BioCapital
  • MRL Ventures Fund
  • Jeito Capital
  • Bain Capital
  • Omega Funds
  • Vertex Ventures HC

Eyebiotech Overview

About Eyebiotech

Eyebiotech is a clinical-stage biotechnology company developing biologic therapies for retinal diseases including diabetic macular edema, wet age-related macular degeneration, and retinal vein occlusion. Its lead candidate EYE103, a tetravalent tri-specific antibody agonist of the Frizzled receptor, entered Phase 2b trials for diabetic macular edema in 2024. The company also advances EYE1001, an anti-IGF1R antibody for thyroid eye disease. London-headquartered Eyebiotech maintains research facilities in the United States and collaborates with contract manufacturers for clinical supply.


Founded

2021

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$3B (acquired May 2024)

Eyebiotech Acquisition

Eyebiotech was acquired by Merck for $3B on 29 May 2024.

Before the acquisition Eyebiotech had raised $130M across 2 funding rounds.

Eyebiotech Limited (EyeBio), a UK-based privately held ophthalmology biotechnology company founded in 2021, develops therapies for retinal diseases characterized by vascular leakage, a risk factor for conditions like diabetic macular edema (DME) and neovascular age-related macular degeneration (nAMD). Its lead candidate, Restoret (EYE103), is a novel late-phase asset administered via intravitreal injection, with the AMARONE study expected to conclude in December 2024 and a pivotal phase 2b/3 trial for DME planned for H2 2024. EyeBio also advances clinical and preclinical candidates targeting vision loss from retinal vascular leakage. Merck (NYSE: MRK, known as MSD outside the US and Canada), through a subsidiary, completed the acquisition of all outstanding shares of EyeBio on July 12, 2024, making it a wholly-owned subsidiary. The deal, first announced on May 29, 2024, and unanimously approved by EyeBio's board, carries a potential value of $3 billion, including a $1.3 billion upfront cash payment and up to $1.7 billion in developmental, regulatory, and commercial milestone payments. Merck accounts for the transaction as an asset acquisition, recording a $1.3 billion charge ($0.50 per share) in non-GAAP results for Q3 2024, with financial outlook updates provided quarterly. The acquisition diversifies Merck's late-stage pipeline by adding Restoret's novel biology and genetics-based approach to retinal diseases, enabling EyeBio to leverage Merck's resources for clinical, regulatory, and commercial advancement. It strengthens Merck's foothold in ophthalmology amid competitive dynamics in retinal treatments, following Hart-Scott-Rodino antitrust clearance.

Eyebiotech acquisition details
AcquirerDateTypePrice
29 May 2024Strategic M&A$3B

Eyebiotech Funding History

Eyebiotech has raised a total of $130M across 2 funding rounds.

Eyebiotech's first fundraising round was a $65M Series A in February 2022. The most recent completed round was a $65M Series A in November 2023.

Eyebiotech funding rounds

Eyebiotech funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2023Series ASV Health Investors; Vertex Ventures HC; Omega Funds; MRL Ventures Fund; Jeito Capital; Bain Capital; Samsara BioCapital$65MEyebiotech Limited (EyeBio), a UK-based clinical-stage ophthalmology biotechnology company founded in August 2021 by David Guyer, MD, and Anthony P. Adamis, MD, with SV Health Investors, develops therapies to protect, restore, and improve vision for patients with sight-threatening eye diseases like diabetic macular edema and neovascular age-related macular degeneration. The company was seeded by SV Health Investors and raised an initial $65 million Series A in February 2022 led by SV Health Investors, Samsara BioCapital, and Jeito Capital, with participation from MRL Ventures Fund. In November 2023, EyeBio expanded its Series A to a total of $130 million with an additional $65 million from new investors Bain Capital Life Sciences, Omega Funds, and Vertex Ventures HC. Proceeds from the expanded Series A supported accelerated clinical development of its lead candidate Restoret (EYE103), a tri-specific antibody agonist of the Wnt signaling pathway, and further pipeline expansion in retinal diseases. EyeBio established operations in the UK and US, leveraging an innovation-friendly environment for clinical trials, and welcomed in-licensing inquiries. Positive Phase I/Ib results for Restoret in DME and nvAMD were announced in February 2024, with plans for a pivotal Phase IIb/III trial in H2 2024. In May 2024, MSD (Merck & Co.) agreed to acquire EyeBio for $1.3 billion upfront plus up to $1.7 billion in milestones, totaling a potential $3 billion, to advance its ophthalmology pipeline including Restoret. The acquisition was completed later in 2024, making EyeBio a wholly-owned subsidiary of Merck.
Feb 2022Series AJeito Capital (lead); Samsara BioCapital (lead); SV Health Investors (lead); MRL Ventures Fund$65MEyebiotech Limited (EyeBio) is a privately held ophthalmology biotechnology company developing a pipeline of clinical and preclinical stage candidates for the prevention and treatment of vision loss associated with retinal vascular leakage, targeting conditions like diabetic macular edema (DME) and neovascular age-related macular degeneration (nvAMD). The company was founded and seeded by SV Health Investors in August 2021. On February 22, 2022, EyeBio completed a $65 million Series A funding round co-led by Jeito Capital, Samsara BioCapital, and SV Health Investors, with participation from MRL Ventures Fund. This international team of executives and investors has a strong track record in ophthalmology drug development. EyeBio aims to build a platform to find, develop, and market blockbuster ocular therapies by in-licensing retinal assets for urgent unmet medical needs with large markets. The Series A financing supported the advancement of its diversified portfolio of therapies, including Restoret, which achieved proof-of-concept in DME and nvAMD under the management team's ambitious development plan accelerated by investor support. In November 2023, the Series A was extended by another $65 million to a total of $130 million, adding investors Bain Capital Life Sciences, Omega Funds, and Vertex Ventures HC. EyeBio's development progressed rapidly, leading to its acquisition by Merck & Co. in 2024 for an upfront payment of $1.3 billion and up to $1.7 billion in milestones, for a potential value of $3 billion, announced as the second successful exit for Jeito Capital in Q2 2024.

Who has invested in Eyebiotech?

7 investors have backed Eyebiotech across its funding rounds, including SV Health Investors, Samsara BioCapital, MRL Ventures Fund, Jeito Capital, Bain Capital and Omega Funds.

Lead investors include Jeito Capital, Samsara BioCapital and SV Health Investors.


Eyebiotech Investors

Investors in Eyebiotech by funding rounds participated
InvestorHQRoundsRoleFirst check
SV Health InvestorsUnited StatesBoston, MA2LeadFeb 2022
MRL Ventures FundUnited StatesUnited States2ParticipantFeb 2022
Jeito CapitalFranceParis2LeadFeb 2022
Samsara BioCapitalUnited StatesSan Francisco, CA2LeadFeb 2022
Vertex Ventures HCUnited StatesSan Francisco, CA1ParticipantNov 2023

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Eyebiotech Competitors

Eyebiotech competitors include listed companies like Virbac and Neuland Laboratories, and private ones like Biomat USA, ArsenalBio, BioRay Pharmaceuticals and Rakuten Medical.

Public and private companies comparable to Eyebiotech
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Biomat USAUnited StatesLos Angeles, CAPrivate--$4.2B-
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Rakuten MedicalUnited StatesSan Diego, CAPrivate--$1.7B-
VirbacFranceFrancePublicly listed$1.7B$325M$3B1.8x
Neuland LaboratoriesIndiaIndiaPublicly listed$201M$61M$3B13.1x

Eyebiotech Public Comps

Eyebiotech is no longer listed, but its public comps include TransMedics, AtriCure, Virbac, Neuland Laboratories, Amoytop Biotech, Regencell Bioscience, Carl Zeiss Meditec, uniQure, Celldex Therapeutics and Zealand Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TransMedics$605M$149M5.6x4.8x22.9x21.3x
AtriCure$535M$12M5.4x5.0x247.3x36.3x
Virbac$1.7B$325M1.9x1.8x9.9x9.0x
Neuland Laboratories$201M$61M15.0x13.1x49.3x44.6x
Amoytop Biotech$551M$193M5.5x4.7x15.6x-
Regencell Bioscience-($3M)--(923.4x)-
Carl Zeiss Meditec$2.6B$392M1.2x1.3x8.1x9.8x
uniQure$16M($134M)143.6x112.7x(17.3x)(11.8x)

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Common questions about Eyebiotech

When was Eyebiotech founded?Eyebiotech was founded in 2021.
Where is Eyebiotech headquartered?Eyebiotech is headquartered in New York City, NY, United States.
Is Eyebiotech publicly listed?No, Eyebiotech was acquired by Merck in May 2024.
Who acquired Eyebiotech?Eyebiotech was acquired by Merck in May 2024.
How much was Eyebiotech acquired for?Eyebiotech was acquired for $3B in May 2024.
How much funding has Eyebiotech raised?Eyebiotech has raised $130M across 2 funding rounds.
What was Eyebiotech's last funding round?Eyebiotech's last funding round was a $65M Series A in November 2023.
Who are Eyebiotech's investors?Eyebiotech's investors include SV Health Investors, MRL Ventures Fund, Jeito Capital, Samsara BioCapital, Vertex Ventures HC, Omega Funds and Bain Capital.
Which companies are comparable to Eyebiotech?Companies comparable to Eyebiotech include Biomat USA, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical, Virbac and Neuland Laboratories.

See companies similar to Eyebiotech

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