Iolyx Therapeutics and Laboratoires Théa enter into agreement over ILYX-002 for the treatment of OSD

Iolyx Therapeutics and Laboratoires Théa (Théa), through support from its subsidiary Théa Open Innovation, have entered into a strategic development and commercialization agreement. Additionally, Iolyx announced it has raised a $15M Series B financing led by Frazier Life Sciences with participation from GC&H, to further fund the Iolyx pipeline.

Under the terms of the agreement Iolyx Therapeutics has granted Théa exclusive worldwide development and commercialization rights, excluding Asia, to ILYX-002 for the treatment of ocular surface diseases. Additionally, Iolyx will receive the following:

• Up to $280 million including clinical, regulatory and commercial conditional milestones
• Tiered royalties of up to 21% on net sales
• Reimbursement of ILYX-002 research and development expenses

Théa will also assume primary responsibility for the phase 3 clinical trials for ILYX-002, while Iolyv will maintain responsibility for the design of the phase 3 clinical trials, manufacturing, and non-clinical activities.

Elizabeth Jeffords, CEO and president of Iolyx Therapeutics, commented on the partnership, saying, “Partnering with Théa positions ILYX-002 to move rapidly into pivotal studies and, if approved, to patients worldwide. 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. 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.”

Clinical trial news

Earlier in the year, Iolyx released top-line data from its phase 2 trial of ILYX-002 for the treatment of moderate-to-severe dry eye disease (DED) associated with systemic autoimmune or inflammatory conditions. The trial was a randomized, double-masked, and vehicle-controlled study conducted at multiple sites across Australia and enrolled 105 patients. According to the company, results showed “a meaningful clinical improvement in ocular surface health” and significance for both staining end points at day 15. The company noted that the data highlighted a rapid onset of action and durable effects through day 57 when compared with a vehicle control.

Jean-Frédéric Chibret, president of the Théa group commented on the trial results and partnership, saying, “These Phase 2 results are highly encouraging for patients with autoimmune-associated dry eye disease, a condition that has long lacked safe and effective options. […] At Théa, we remain committed to advancing therapies that demonstrate clinical efficacy while maintaining a strong safety profile. Drawing on decades of acknowledged expertise in dry eye management across Europe, we are advancing this program into Phase 3 with the benefit of extensive clinical and therapeutic insight.”

Upon approval in responsible regions, Théa will assume responsibility for securing regional marketing authorizations and will be responsible for all commercial activities including sales, marketing, and market access.

References:

1. Iolyx Therapeutics Enters Strategic Agreement with Laboratoires Théa to Develop and Commercialize ILYX-002 intended for the Treatment of Autoimmune Associated Dry Eye Disease and Secures Series B Funding for Retinal Pipeline. Published December 3, 2025. Accessed December 3, 2025. https://www.globenewswire.com/news-release/2025/12/03/3198729/0/en/Iolyx-Therapeutics-Enters-Strategic-Agreement-with-Laboratoires-Th%C3%A9a-to-Develop-and-Commercialize-ILYX-002-intended-for-the-Treatment-of-Autoimmune-Associated-Dry-Eye-Disease-and-S.html

2. Harp MD. Iolyx Therapeutics reports phase 2 results for ILYX-002 in autoimmune-associated dry eye disease. Published May 27, 2025. Accessed December 3, 2025. https://www.ophthalmologytimes.com/view/iolyx-therapeutics-reports-phase-2-results-for-ilyx-002-in-autoimmune-associated-dry-eye-disease