The deal, which was announced in May 2024, includes an upfront cash payment of $1.3bn and $1.7bn in milestone payments on meeting developmental, regulatory and commercial goals.
Under the deal terms, Merck, through a subsidiary, has acquired all the outstanding shares of the UK-based biotech.
The acquisition includes EyeBio’s lead asset Restoret (EYE-103), a tetravalent, tri-specific antibody that targets the Wingless-related integration site (Wnt) signalling pathway.
This asset has potential applications in diabetic macular oedema (DME) and neovascular age-related macular degeneration (NVAMD).
Restoret, administered as an intravitreal injection, aims to restore the blood-retinal barrier by activating the Wnt pathway.
Following positive results from the open-label Phase Ib/IIa AMARONE study in patients with DME and NVAMD, Restoret is poised to progress into a significant Phase IIb/III trial for diabetic macular edema (DME) in the latter half of 2024.
EyeBio’s pipeline also features other clinical and preclinical assets aimed at preventing and treating vision loss due to retinal vascular leakage, a common risk factor in retinal diseases.
Merck Research Laboratories president Dr Dean Li said: “The EyeBio acquisition further diversifies our late-stage pipeline with the addition of a promising candidate based on novel biology and genetics for the treatment of certain retinal diseases.
“We are excited to welcome the EyeBio team and look forward to working together to advance Restoret for the patients that need it.”