Pharma BD Deal Intelligence
Merck's $3B bet to enter ophthalmology, paying $1.3B upfront for EyeBio's Restoret—a first-in-class tri-specific Wnt agonist targeting diabetic macular edema and wet AMD. The molecule moved fast into two Phase 2b/3 registrational trials within months of close, though approval and commercial proof remain years out.
Merck acquired EyeBio for $3.0B for ophthalmology.
Merck 8-K exhibit covering the EyeBio acquisition completion (FY2024).
Merck to acquire EyeBio for up to $3 billion including $1.3 billion upfront, gaining Restoret, a potentially first-in-class Wnt pathway agonist for diabetic…
Source summaries from our enrichment pipeline; follow links for originals.
All 7 sources with sentiment breakdown →
Merck (NYSE: MRK) acquired private retinal-disease biotech EyeBio (Eyebiotech Limited) in a deal announced May 29, 2024 and completed July 12, 2024. Merck paid approximately $1.3 billion in upfront cash to acquire all outstanding EyeBio shares, with up to an additional $1.7 billion payable in development, regulatory and commercial milestones, for total potential consideration of $3.0 billion. The acquisition marked Merck's entry into ophthalmology, adding EyeBio's lead candidate Restoret (EYE103, now MK-3000) -- a potentially first-in-class tetravalent, tri-specific antibody that acts as an agonist of the Wnt signaling pathway to restore the blood-retinal barrier and reduce vascular leakage -- plus preclinical candidates. Restoret is targeted at diabetic macular edema (DME) and neovascular age-related macular degeneration (nAMD). Following the close, Merck advanced the program into two registrational Phase 2b/3 studies: BRUNELLO (NCT06571045) in DME, initiated September 4, 2024, and BAROLO (NCT06957080) in neovascular AMD.
EyeBio's preclinical Wnt pipeline spans DME, diabetic retinopathy (DR), retinal vein occlusion (RVO), and nAMD — a broad retinal vascular footprint where anti-VEGF incumbents set efficacy/durability benchmarks. Anti-VEGF monotherapy (SOC across indications): Regeneron/Bayer's Eylea/Eylea HD (aflibercept 2mg/8mg, approximately $6.0B US 2024 sales across DME/DR/RVO/nAMD), Roche's Vabysmo (faricimab bispecific anti-VEGF-A/Ang-2, approximately $4.3B 2024 global, approved in DME, nAMD, RVO), and Roche/Novartis's Lucentis (ranibizumab) with biosimilars Byooviz, Cimerli, Yesafili. Sustained-release anti-VEGF: Roche's Susvimo (ranibizumab port delivery, nAMD) and EyePoint's Duravyu (vorolanib, Phase 3 nAMD/DME). Intravitreal steroids: Allergan's Ozurdex (dexamethasone, RVO/DME/uveitis) and Alimera's Iluvien (fluocinolone, DME). Complement-pathway (GA adjacent): Apellis/Astellas's Syfovre (pegcetacoplan) and Astellas's Izervay (avacincaptad) address geographic atrophy. Ang-Tie/other pathways: Opthea's sozinibercept (anti-VEGF-C/D, Phase 3 missed 2024) and Kodiak's tarcocimab (anti-VEGF, mixed Phase 3). Wnt/frizzled agonists (EyeBio's class): Restoret (MK-3000) is the only late-stage Wnt-pathway asset. For a commercial lead, Merck's $3B outlay bets on Wnt as a platform across DME, DR, RVO, and nAMD where durability and anatomic superiority over Eylea HD/Vabysmo are required to justify franchise-level returns.
DME is a $5B+ global market dominated by anti-VEGF intravitreal therapy; Restoret's Wnt-modulating mechanism targets durability and anatomic endpoints. Anti-VEGF monotherapy (incumbent SOC): Regeneron/Bayer's Eylea/Eylea HD (aflibercept 2mg/8mg, 2024 US net sales approximately $6.0B combined; Eylea HD launched 2023 with Q4 prior extension), Roche's Vabysmo (faricimab, anti-VEGF-A + anti-Ang-2 bispecific, 2024 global sales CHF 3.9B/~$4.3B), and Roche's Lucentis (ranibizumab) define the class. Biosimilar aflibercept/ranibizumab (Cimerli, Byooviz, Yesafili) are eroding price. Sustained-release anti-VEGF: Roche's Susvimo (ranibizumab port delivery) returned to market 2024 with DME indication pending; EyePoint's Duravyu (vorolanib insert) Phase 3. Steroid implants: Allergan's Ozurdex (dexamethasone) and Alimera's Iluvien (fluocinolone) serve refractory DME. Oral/non-anti-VEGF: Apellis/Astellas's Syfovre (pegcetacoplan, GA not DME) and Outlook's Lytenava (ONS-5010) are adjacent. Wnt-pathway agents (Restoret's class): EyeBio's Restoret (MK-3000, tri-specific Fzd4/LRP5/Tspan12 agonist, Phase 2b) is the first-in-class Wnt agonist restoring BRB integrity. For a commercial lead, Restoret's franchise threat hinges on whether BRB-restoration delivers Vabysmo-matching vision gains with longer durability or anatomic superiority — the $3B price requires Merck to demonstrate it can displace Eylea HD/Vabysmo's extended-interval positioning, which is a high efficacy bar.
Merck completed $3.0B acquisition of EyeBio, gaining restoret, a novel VEGF-C/D inhibitor for wet AMD and diabetic macular edema.
Merck completed the acquisition of EyeBio (Eyebiotech Limited), which became a wholly owned subsidiary. ~$1.3B upfront, up to $3.0B total including milestones.
Merck initiated the registrational Phase 2b/3 BRUNELLO trial (NCT06571045) evaluating intravitreal Restoret (MK-3000) vs ranibizumab in diabetic macular edema. A second registrational Phase 2b/3 study, BAROLO (NCT06957080), evaluates Restoret in neovascular AMD.
Merck advancing restoret through Phase 2/3 in wet AMD and DME, differentiating from anti-VEGF-A competitors like Eylea and Vabysmo.
Merck's ophthalmology entry with differentiated VEGF-C/D mechanism. Early data promising but years from approval. $3B is significant bet on unproven target.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / EyeBio Ltd. (this deal) | 2024 | $3.0B | 61 |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Merck & Co. Inc. / Peloton Therapeutics Inc. | 2019 | $2.2B | 88 |
| Merck & Co. Inc. / AstraZeneca PLC | 2017 | $8.5B | 87 |
| Merck & Co. Inc. / Moderna, Inc. | 2022 | $250M | 86 |
| Merck & Co. Inc. / Moderna, Inc. | 2016 | $250M | 84 |
| Merck & Co. Inc. / Eisai Co., Ltd. | 2018 | $5.8B | 83 |
← Browse all deals · How we score deals
More: 2024 deals · Merck & Co. Inc. deals · Ophthalmology deals