Lausanne-based Oculis and Nasdaq listed European Biotech Acquisition Corp (EBAC), a special purpose acquisition Company (SPAC) have entered into a definitive business combination agreement. The transaction is expected to be completed in H1 2023 and to deliver gross proceeds to Oculis in excess of $200 million.
Oculis is a global biopharmaceutical company developing treatments to save sight and improve eye care with breakthrough innovations. The company is currently advancing its diversified product portfolio, which includes three clinical-stage product candidates (OC-1, OC-2 and OC-5). OCS-01 is currently in Phase 3 development, globally (USA, EU, CN) for DME (Diabetic Macular Edema) with the potential to become the first non-invasive, topical eye drop for a back of the eye disease. OCS-01 is also in Phase 3 development in the USA for the treatment of inflammation and pain following cataract surgery, which would, if approved, potentially be the first once-a-day steroid for this indication.
The business combination, with an anticipated post-transaction enterprise value of approximately $220 million, is expected to deliver gross proceeds to Oculis over $200 million (assuming no redemptions). This includes approximately $127.5 million held in EBAC’s trust and commitments to an upsized PIPE and private investment of close to $80 million, anchored by LSP 7, with the participation of leading institutional investors, including Earlybird, Novartis Venture Fund, Pivotal bioVenture Partners, funds managed by Tekla Capital Management LLC, and VI Partners, among others.
Nasdaq listing in 2023
The proposed transaction is expected to be completed in the first half of 2023, subject to, among other things, the approval by EBAC shareholders and the satisfaction or waiver of other customary closing conditions. The newly listed entity Oculis Holding SA will be a company registered in Switzerland with its headquarters at the current office of Oculis at the EPFL Innovation Park in Lausanne.
Net proceeds will flow into advancing Oculis’ clinical pipeline. “Oculis’s purpose is to drive innovation to save sight and improve eye care. This transaction accelerates our mission and propels our pipeline of highly differentiated product candidates for patients and physicians. We are delighted to have the support of key investors”, said Riad Sherif, CEO of Oculis. “We look forward to delivering important milestones including Phase 3 clinical trials of OCS-01, a potential first topical eyedrop product to treat the retina, Phase 2b clinical trials of OCS-02, a first in class topical anti-TNF for the treatment of DED and uveitis, and a proof-of-concept trial of neuroprotective agent, OCS-05, in acute optic neuritis. These are crucial deliverables towards bringing to market new therapies to patients” he added.
(Press release / RAN)
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