Case study
Founded in August 2021 by SV Health Investors with SV Venture Partner and repeat entrepreneur, David Guyer, M.D., and Tony Adamis, M.D, EyeBio Limited (“EyeBio”) is a biotechnology company developing next-generation therapeutics for major eye diseases including diabetic macular edema (DME) and age-related macular degeneration (AMD), two leading causes of vision loss globally.
| Region/Nation | London |
|---|---|
| Sector | Life Sciences |
| Programme | Patient Capital Funds |
| Partner |
EyeBio progressed from preclinical stage to first-in-human studies in under twelve months with its lead drug candidate Restoret™. In the third quarter of 2024, Merck & Co. (MSD) acquired EyeBio for up to $3 billion, including an upfront payment of $1.3 billion. The transaction represented one of the highest multiples of upfront value to invested capital (approximately $130 million) in recent UK life sciences venture history.
The acquisition followed the release of preliminary 12-week Phase 1b/2a clinical data in 26 DME patients demonstrating that Restoret™ improved visual outcomes by addressing the underlying disease mechanism. A second programme, Tiespectus, was not yet in clinical development at the time of acquisition.
Support from the Bank
The British Business Bank had direct exposure to EyeBio through its partnership with SV Health Investors. SV’s Therapeutics team manages a portfolio of specialist life sciences funds, five of which have received LP commitments from the Bank. The SV7 Impact Medicine Fund, which created EyeBio, received a $65 million commitment from the Bank in September 2019, and the Biotech Crossover Opportunities Fund which also invested in EyeBio received a $67 million commitment in December 2021.
These long-term LP commitments help enable SV Health Investors to provide both capital and strategic support to high growth UK biotechnology companies such as EyeBio, facilitating the company’s rapid scaling, clinical progress, and ultimate strategic transaction with MSD.
Outcomes and Growth
EyeBio’s acquisition involved one of the highest upfront payments relative to capital invested in recent years, a major achievement for SV Health Investors and the UK biotechnology industry.
Dr. David Guyer, Dr. Tony Adamis and the EyeBio team are continuing their pioneering work to advance the clinical development of Restoret and Tiespectus as part of MSD and continue to make exciting progress towards delivering novel therapeutics to patients. Restoret™ entered a Phase 2b/3 pivotal clinical trial for DME in Q3 2024. In Q4 2025, EyeBio announced that its second asset, Tiespectus improves vision and retinal thickness in a Phase 1/2a trial in patients with macular edema.
Kate Bingham, Managing Partner, SV Health Investors:
The British Business Bank plays a critical role in the UK life sciences ecosystem. Their investments into funds like ours helps ensure we are able to invest in high potential companies providing them with the funding needed to reach key value inflection points and progress potential drugs towards patient use. The success of EyeBio from company creation to multi-billion acquisition in just three years shows the impact this funding has on the UK’s life sciences sector.
Christine Hockley, Managing Director and Co-head of Funds, British Business Bank:
EyeBio’s success is proof of how funding from the British Business Bank delivers real value, both for the economy and society. It has enabled EyeBio to develop a promising new treatment for eye disease and ultimately led to a highly successful deal. Investments like this further cement the UK as a global hub for life sciences innovation and helps to build the UK’s ecosystem of science leaders.
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