Théa Acquires Iolyx's Dry Eye Disease Drug in $280M Deal

Landmark Agreement Bolsters Théa's Ophthalmology Portfolio

Laboratoires Théa has entered into a significant agreement with Iolyx Therapeutics, potentially worth up to $280 million, to acquire the rights to ILYX-002, a phase 3-ready drug for moderate to severe dry eye disease (DED) associated with systemic autoimmune or inflammatory conditions.

The deal, announced on December 3, 2025, grants Théa global rights to develop and commercialize ILYX-002, excluding China, Japan, and certain other Asian countries. The financial structure includes clinical, regulatory, and commercial milestones, as well as tiered royalties of up to 21% on net sales and reimbursement of R&D expenses.

Jean-Frédéric Chibret, president of the Théa group, expressed optimism about the acquisition, stating, "They confirm ILYX-002's potential to address one of ophthalmology's most challenging conditions."

Promising Phase 2 Results Drive Collaboration

ILYX-002, a topical immunomodulator, demonstrated encouraging results in a phase 2 study conducted by Iolyx in May. While the trial did not meet its primary endpoint of total conjunctival staining, it showed a "clinically relevant" trend. Importantly, the drug achieved a statistically significant improvement in the secondary endpoint of corneal staining.

Elizabeth Jeffords, CEO of Iolyx, highlighted the strategic importance of the partnership: "By combining Iolyx's deep immune-ophthalmology expertise with Théa's complementary late-stage development and commercial scale, this collaboration creates the synergy needed to deliver better, patient-centric medicines for immuno-ophthalmology."

Iolyx Secures Additional Funding for Pipeline Development

Concurrent with the Théa deal, Iolyx announced a $15 million series B financing round led by Frazier Life Sciences. This additional capital will support the further development of Iolyx's pipeline, which includes two preclinical ocular assets.

Jeffords commented on the dual developments, stating, "Alongside our insider-led series B financing, this collaboration represents a meaningful step forward for Iolyx, combining capital and scale to accelerate our mission to bring targeted therapies to people living with ocular-inflammatory diseases in the front and back of the eye."

As Théa prepares to advance ILYX-002 into phase 3 trials, the ophthalmology community eagerly anticipates the potential emergence of a new treatment option for patients suffering from autoimmune-related dry eye disease.