Ophthalmology biotech upstart is asking investors to bet $85M-plus on their late-stage rival to Restasis and Xiidra
Seven months after Oyster Point Pharma bridged its way into a Phase III study with $93 million in venture cash, the biotech is stepping back up to see if public investors are in a mood to back their play to jump into a big league market with a minor league team.
The Princeton, NJ-based biotech teed up an IPO on Friday, outlining their case on going after dry-eye disease — a blockbuster market that accounts for tens of millions of patients. On the drug side, that’s a market that has been dominated by Allergan’s cash cow Restasis — now being carved up by generics as AbbVie buys out the company — and Xiidra, a therapy which Takeda sold off to Novartis in a $5.3 billion deal in the wake of the Shire acquisition. Most patients get eye drops for the condition.
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