Eyenovia, Inc. (NASDAQ: EYEN) has entered into a non-binding letter of intent to effect a reverse merger with Betaliq, Inc., a clinical-stage pharmaceutical company focused on glaucoma treatments. The proposed transaction, announced on March 20, 2025, would create a new publicly-listed ophthalmic company combining two FDA-approved technologies.
The proposed merger values Betaliq at approximately $77 million and Eyenovia at approximately $15 million, assuming zero cash at closing. If completed, Betaliq equity holders would own approximately 83.7% of the combined company, while Eyenovia shareholders would retain approximately 16.3% on a fully diluted basis.
Strategic Rationale and Technology Synergies
The merger would unite Betaliq's EyeSol® water-free drug delivery technology with Eyenovia's Optejet® topical ophthalmic liquid dispensing platform. This combination offers potential synergies that could transform ophthalmic medication delivery.
Betaliq's EyeSol® technology provides several clinical advantages:
- Increased residency time on the ocular surface
- Enhanced bioavailability of active ingredients
- Reduced total drug requirements
- 10-microliter drop size compatible with Optejet® device
- Preservation-free formulation without benzalkonium chloride
Meanwhile, Eyenovia's Optejet® platform complements these benefits by potentially improving patient compliance and ease of use. Importantly, the companies have confirmed that EyeSol® is compatible with the Optejet® delivery system.
Michael Rowe, Chief Executive Officer of Eyenovia, explained the strategic decision: "Following a review of strategic alternatives that we initiated in January, I, along with my fellow Board members, concluded that continuing the negotiation of this potential merger with Betaliq is in the best interests of our company, our team members, patients and shareholders."
"Under a combined new company, if the transaction is completed, our existing products could continue to be marketed to ophthalmologists and optometrists, while the combination of the EyeSol and Optejet technologies has the potential to create a platform that could fundamentally improve how topical eye medications and products are administered," Rowe added.
Commercial Implications and Pipeline Development
The EyeSol® technology is currently licensed in FDA-approved topical eye care medications, including MEIBO™ (perfluorohexyloctane ophthalmic solution) from Bausch + Lomb and VEVYE™ (cyclosporine ophthalmic solution 0.1%) from Harrow.
Eyenovia's current commercial portfolio includes clobetasol propionate ophthalmic suspension, 0.05%, for post-surgical pain and inflammation, and Mydcombi® for mydriasis. The company continues to advance development of its user-filled Optejet® and remains on track to file for U.S. regulatory approval in the fourth quarter of this year.
Barry Butler, Chief Executive Officer of Betaliq, highlighted the potential market impact: "This proposed merger with Eyenovia represents a significant opportunity in the eyecare space. The inherent synergies of the EyeSol and Optejet technologies could bring innovative new treatment options to patients with glaucoma as well as other ocular diseases. By leveraging the existing pipelines of Eyenovia and Betaliq with multiple opportunities for pipeline expansion through established partnerships, we believe we can build a leading ophthalmic company."
Transaction Details and Timeline
The proposed transaction remains subject to several conditions:
- Completion of mutually satisfactory due diligence
- Negotiation and execution of definitive agreements
- Approval by the boards of directors of both companies
- Completion of necessary financing contingencies
Chardan is acting as advisor to Eyenovia in connection with the proposed transaction, while Raymond James is advising Betaliq. Eyenovia has stated it does not intend to discuss further developments regarding these discussions unless a definitive agreement is executed or its Board of Directors determines that further disclosure is appropriate or required by law.
About the Companies
Betaliq, Inc., founded in 2018 through a collaboration with Novaliq GmbH, is developing a global portfolio of topical glaucoma treatments based on the EyeSol® delivery system. The company focuses on creating water-free eye drop technology that offers increased residency time and enhanced bioavailability while eliminating preservatives that can damage the ocular surface.
Eyenovia, Inc. is an ophthalmic technology company developing and commercializing products that leverage its proprietary Optejet® platform. The technology is particularly beneficial for chronic front-of-the-eye diseases, offering ease of use, enhanced safety, and potential for superior compliance compared to standard eye drops.
The user-filled Optejet® currently in development is designed to work with various topical ophthalmic liquids, including artificial tears and lens rewetting products, expanding its potential applications beyond prescription medications.
Market Impact and Future Outlook
If successful, this merger could create a significant new player in the ophthalmic pharmaceutical space, particularly for glaucoma treatment. Glaucoma affects millions of patients globally and represents a substantial market opportunity, with current treatments often hampered by compliance issues and side effects from preservatives.
The combined technologies could address these challenges by improving drug delivery efficiency, reducing preservative-related complications, and enhancing patient adherence—all critical factors in managing chronic eye conditions like glaucoma.
While the transaction's completion remains uncertain, the potential combination of these complementary technologies represents an innovative approach to addressing unmet needs in ophthalmic care.
