Jeito Capital announces acquisition of portfolio company EyeBio by Merck

Jeito Capital announced that its portfolio company EyeBiotech, a privately held clinical-stage ophthalmology biotechnology company working to deliver a new generation of therapies for sight-threatening eye diseases, and Merck & Co have entered into a definitive agreement under which, Merck & Co, through a subsidiary, will acquire EyeBio. Under the terms of the agreement, Merck & Co, through a subsidiary, will acquire all outstanding shares of Eyebio for up to $3 billion, including an upfront payment of $1.3 billion in cash and a further potential $1.7 billion in developmental, regulatory and commercial milestone payments. The closing of the proposed transaction will be subject to certain conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. The transaction is expected to close in the third quarter of 2024. EyeBio is developing a pipeline of clinical and preclinical stage candidates for the prevention and treatment of vision loss associated with retinal vascular leakage, a known risk factor for retinal disease. Jeito first invested in EyeBio in February 2022, just one year after its creation, as co-lead investor of a $65 million series A funding. In November 2023, Jeito participated again in EyeBio’s $65 million extension of its series A financing, in line with Jeito’s refinancing strategy to support portfolio companies with a significant deployment of capital at every value milestone reached. These financing rounds were made alongside other major investors in the life sciences industry: SV Health Investors, Samsara BioCapital, MRL Ventures, Bain Capital Life Sciences, Omega Funds and Vertex Ventures HC.