Merck close to sealing USD 1.3 billion cash deal for Eyebiotech: Report
Written By : Ruchika Sharma
Medically Reviewed By : Dr. Kamal Kant Kohli
Published On 2024-05-29 04:45 GMT | Update On 2024-05-29 10:12 GMT
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London: Merck & Co is close to finalizing a cash acquisition deal worth $1.3 billion for Eyebiotech, a biotechnology company specializing in ophthalmology. This agreement includes potential milestone payments that could add up to an extra $1.7 billion, according to a report by the Wall Street Journal on Tuesday.
The deal could be announced as early as Wednesday, the report said, citing people familiar with the matter.
Merck did not immediately respond to Reuters' request for a comment, while Eyebiotech declined to comment.
Eyebiotech is a clinical stage opthalmology company, with operations in the U.S. and the UK, that seeks to treat patients with sight-threatening diseases.
Its major drug in clinical stage, Restoret, aims to treat retinal diseases characterised by leakage that can lead to impaired vision.
Merck said in February it was in the market for deals of up to around $15 billion as it plans ways to deal with a loss of revenue from its aging cancer immunotherapy Keytruda, the world's top-selling prescription medicine.
Keytruda generated $25 billion in 2023 sales and is forecast to top $30 billion in sales by 2026. However, the drug is set to lose its patent protection by the end of the decade.
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