What Théa Open Innovation does

Théa Open Innovation S.A.S is a French open-innovation subsidiary of Laboratoires Théa, headquartered in Clermont-Ferrand and operating with a 12-person team specialized in ophthalmology therapeutic development. It identifies, evaluates, and supports innovative eye-care developments originating from biotech companies, universities, and academic research teams, structuring engagements through license agreements and direct capital investments. Its portfolio spans modalities critical to ophthalmology — RNA therapies (sepofarsen, ultevursen via the Sepul Bio internal business unit), siRNA (OLX301A, OLX301D, OLX10212 with OliX), molecular photoswitches (KIO-301 with Kiora), gene therapy (CTx-PDE6b with Coave), sustained-release implants (IBE-814 IVT with Ripple Therapeutics, leveraging the Epidel platform), and small molecules and biologics for dry AMD and dry eye disease (GAL-101, Link_TSG6, ILYX-002, CU06-RE). Technology underpinnings include Laboratoires Théa's proprietary ABAK preservative-free multidose packaging technology and 15 patent families inherited from Laboratoires TRANSPHYTO covering formulations, devices, and drug delivery systems.

The business model is a hybrid of licensing/royalty economics and strategic capital deployment. Théa Open Innovation books upfront fees and milestone payments tied to clinical and regulatory progression, and stands to earn royalties and commercial-rights-driven revenue once partnered assets reach market. Pricing is not publicly disclosed; deal terms are individually negotiated. The go-to-market relies on Laboratoires Théa's European-leading ophthalmology commercial infrastructure — 35+ subsidiaries and the largest ophthalmology sales force in Europe — distributing products into 75 countries. Customer segments are almost exclusively B2B: biotech and pharmaceutical partners (Kiora, OliX, Ripple, Curacle, Nevakar, Galimedix, Link Biologics, Elsalys, Coave, Iolyx, EVEON, Biocorp), with end users being ophthalmologists and eye-care specialists reached via the parent's distribution network.

Strategically, the entity operates as a deal-sourcing and clinical-financing arm within the privately-held Chibret-family group, funding proof-of-concept in humans and then driving partnered programs through registration, pricing, market access, and commercialization. Recent activity (2024-2025) demonstrates accelerating deal cadence and clinical progression, with Phase 1 and Phase 3 initiations on partnered and internal programs and a deal with Iolyx Therapeutics valued at up to $280 million including milestones and double-digit royalties. The model deliberately preserves partner IP and project leadership while extracting downstream rights for Théa, creating a replenishing pipeline for Laboratoires Théa's commercial organization.

Name

Théa Open Innovation

Legal name

Théa Open Innovation S.A.S

Website

https://theaopeninnovation.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Théa Open Innovation is a French ophthalmology-focused open-innovation subsidiary of Laboratoires Théa that identifies, funds, and commercializes innovative eye-care therapies through licensing agreements and capital investments with biotech, university, and research partners.

Ownership category

akta.pro rank

Product category

Ophthalmic Drug Development

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Research and Development in the Physical, Engineering, and Life Sciences (54171), Scientific Research and Development Services (5417)

SIC

Services-Commercial Physical & Biological Research (8731), Services-Management Consulting Services (8742)

akta.pro primary industry

Regulatory Strategy & Global Submissions (IND/CTA/NDA/BLA/MAA) (HLAGAKAA)

akta.pro secondary industries

Clinical Quality Assurance (GCP QA, TMF/QMS oversight) (HLAGAKAI), Clinical Site Start-Up & Activation (Regulatory/Ethics/Contracts) (HLAGACAC)

Keywords

• Ophthalmic drug development
• Pharmaceutical licensing partnerships
• Biotech open innovation
• Preservative-free formulations
• Ophthalmic therapy alliances

Headquarters

HQ city

Clermont-ferrand

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Licensing and Royalty Revenue: Théa Open Innovation generates revenue through licensing agreements with biotech partners, receiving upfront payments, milestone payments tied to clinical and regulatory achievements, and royalties on commercial sales of licensed products.
2. Development and Commercialization Services: Provides ophthalmology development expertise and capabilities to partners, including clinical development, registration, pricing, market access, and commercialization support in exchange for partnership stakes and commercial rights.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Théa Open Innovation is the open-innovation affiliate of Laboratoires Théa that identifies, evaluates, and develops innovative ophthalmology therapeutic solutions through licensing agreements and capital investments with biotech companies, startups, universities, and research teams. The unit provides partners with ophthalmology-specific development expertise, regulatory capabilities, funding for proof-of-concept in humans, and access to Laboratoires Théa's commercialization infrastructure across 75+ countries. It functions as an open-innovation partner rather than an acquirer, allowing partner scientists to retain leadership of their programs while leveraging Théa's downstream clinical, registration, pricing, market access, and commercial resources.

Product overview

Théa Open Innovation operates as an open innovation entity affiliated with Laboratoires Théa, identifying and supporting innovative eye care developments through license agreements and capital investments. The company's offering is structured around a portfolio of partnered and acquired pipeline products for ophthalmic diseases, including RNA therapies (sepofarsen, ultevursen for inherited retinal diseases), siRNA therapeutics (OLX301A, OLX301D, OLX10212 for AMD), molecular photoswitch drugs (KIO-301 for retinitis pigmentosa), small molecules (GAL-101 for dry AMD), biologics (Link_TSG6 for dry eye, ILYX-002 for autoimmune dry eye), drug delivery implants (IBE-814 for DME/RVO), gene therapies (CTx-PDE6b for retinitis pigmentosa), antibodies (ELB011 for wet AMD), and myopia treatments (NVK-002). Additionally, the company partners on medical technology including connected devices and automated drug preparation platforms through partnerships with BIOCORP and EVEON.

Differentiator

Problem solved

Functional benefit

Brands

• Sepul Bio: An innovative business unit of Théa dedicated to the advancement of RNA therapies for inherited retinal diseases, with focus on sepofarsen and ultevursen

Products and services

• Théa Open Innovation Partnership Program Open-innovation partnership service that sources, evaluates, funds, and co-develops ophthalmology therapeutic candidates and enabling technologies from biotechs, startups, universities, and research teams through licensing agreements and capital investment.
• ABAK Preservative-Free Multi-Dose Packaging Proprietary preservative-free, multi-dose eye-drop bottle technology developed by Laboratoires Théa and made available to partners through Théa Open Innovation for ophthalmic formulations.
• Epidel Drug Delivery Technology Platform Proprietary drug-delivery technology platform within Laboratoires Théa's portfolio that supports ocular drug delivery and is leveraged in Théa Open Innovation partnerships.
• Sepofarsen (ProQR partnership / Sepul Bio) RNA-based antisense oligonucleotide therapy for Leber Congenital Amaurosis 10 (LCA10) caused by the c.2991+1655A>G mutation in CEP290, advanced through the Sepul Bio RNA therapy partnership with Théa Open Innovation.
• KIO-301 (Kiora partnership) Molecular photoswitch drug candidate for vision restoration in retinal degenerative diseases (including retinitis pigmentosa), partnered with Kiora Pharmaceuticals and supported by Théa Open Innovation.
• OLX10212 (OliX partnership) Asymmetric siRNA (asiRNA) therapeutic candidate using the OliX Pharmaceuticals asiRNA platform for ophthalmic indications, partnered with Théa Open Innovation.
• ILYX-002 (Iolyx partnership) Ophthalmic therapeutic candidate developed under the Théa Open Innovation strategic agreement with Iolyx Therapeutics for an ophthalmic indication.
• Sepul Bio (RNA Therapy Business Unit) Dedicated RNA therapy business unit operating under the Théa Open Innovation umbrella, advancing partnered RNA-based ophthalmic programs such as sepofarsen and ultevursen from clinical development through commercialization.

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Iolyx TherapeuticscoreStrategic or Co-development Partner · 3 December 2025Strategic development and commercialization agreement for ILYX-002 for ocular surface diseases. Deal worth up to $280M including clinical, regulatory, commercial milestones and tiered royalties up to 21%. Théa receives exclusive worldwide rights excluding Asia and assumes Phase 3 trial responsibility. Concurrent $15M Series B led by Frazier Life Sciences.
• Sepul BiocoreStrategic or Co-development Partner · 1 October 2025Sepul Bio is an innovative business unit of Théa dedicated to RNA therapies for inherited retinal diseases. Advancing sepofarsen (for CEP290-associated LCA10) and ultevursen (for USH2A mutation in retinitis pigmentosa). First participant dosed in Phase 3 HYPERION trial for sepofarsen.
• Kiora PharmaceuticalscoreStrategic or Co-development Partner · 31 January 2024Strategic agreement to develop and commercialize KIO-301 for treatment of inherited retinal diseases. KIO-301 is a molecular photoswitch drug for retinitis pigmentosa. Théa provides development and commercialization expertise while Kiora advances clinical trials. Kiora has received R&D reimbursement from Théa and maintains cash runway into late 2027.
• Link BiologicscoreStrategic or Co-development Partner · 1 January 2023Partnership to develop Link_TSG6 for dry eye disease. Link_TSG6 is a biological drug based on human TSG-6 protein with disease-modifying properties. Link Biologics handles R&D through Phase 2, then Théa takes over including commercialization.
• ProQR TherapeuticscoreStrategic or Co-development Partner · 1 January 2023Partnership for development of sepofarsen and ultevursen for rare genetic eye diseases. These RNA therapies target inherited retinal diseases (IRD). A dedicated expert team for hereditary retinal diseases was established.
• Galimedix TherapeuticscoreStrategic or Co-development Partner · 1 January 2023Strategic partnership to develop and commercialize GAL-101, a Phase 2/3-ready small molecule for dry AMD. GAL-101 addresses unmet medical need for patients at risk of blindness from dry AMD.
• NevakarcoreStrategic or Co-development Partner · 26 January 2021Exclusive licensing agreement for NVK-002 in Europe (including Russia, Turkey, Algeria, Morocco, Tunisia). NVK-002 is a preservative-free low-dose atropine treatment for slowing myopia progression in children, currently in Phase 3 trials with first European commercial sales expected 2025.
• CuraclecoreStrategic or Co-development Partner · 1 January 2021Exclusive license and collaboration agreement for CU06-RE, an orally administered treatment for diabetic macular edema and wet AMD. CU06-RE has potential to be first oral treatment for these conditions.
• Coave TherapeuticscoreStrategic or Co-development Partner · 1 January 2021Exclusive licensing, co-development and commercialization agreement for CTx-PDE6b, a novel gene therapy candidate for retinitis pigmentosa. Entry into gene therapy field through this partnership and €21M fundraising.
• OliX PharmaceuticalscoreStrategic or Co-development Partner · 1 January 2020License and collaboration for OLX301A program (wet and dry AMD treatment). Expanded partnership in 2020 to include OLX301D (wet AMD/fibrosis) and option for two additional ophthalmic programs. Théa received worldwide rights excluding Asia-Pacific for four programs. Théa invested €8.8M upfront plus milestones and royalties. OLX10212 (RNAi therapeutic for GA and nvAMD) also covered under expanded agreement.
• EVEONminorStrategic or Co-development Partner · 1 January 2020Partnership for development of innovative medical technologies. EVEON specializes in automated, secure, digital medical devices. Collaboration focuses on devices based on Intuity® Mix platform for preparation of complex drugs with connectivity features.
• BiocorpminorStrategic or Co-development Partner · 1 January 2020Partnership to design, develop, and manufacture connected medical devices for patients with blinding diseases like glaucoma. Device enables therapeutic education and improves quality of life for patients and healthcare professionals.
• Ripple TherapeuticscoreStrategic or Co-development Partner · 1 January 2020Exclusive licensing agreement for IBE-814 IVT (intravitreal dexamethasone prodrug implant) for diabetic macular edema and retinal vein occlusion. Théa Open Innovation also led Series A financing with initial $14.8M tranche. TOI manages Phase III pivotal trials. Deal includes upfront payment, milestones, and double-digit royalties.
• Elsalys BiotechminorStrategic or Co-development Partner · 1 January 2018License option agreement for ELB011, a first-in-class antibody for wet AMD and retinal vascular pathologies. Elsalys handles preclinical development while Théa responsible for clinical development and commercialization. Option exercise could occur by end 2018.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Santen Pharmaceutical: Japanese-headquartered ophthalmology specialist pharmaceutical company with a global presence focused on prescription ophthalmic products. Santen is the closest size and category match to Laboratoires Théa/TOI given its pure-play ophthalmology focus, prescription pharma model, and emphasis on niche indications like glaucoma, dry eye, and retinal diseases.
• Nicox: French-based ophthalmology company developing and licensing innovative therapeutics, with a smaller scale comparable to TOI. Nicox focuses on glaucoma and ocular surface disease and operates a similar partnership/licensing-driven model, making it directly comparable in business approach and therapeutic focus.
• Ocular Therapeutix: U.S. ophthalmology biopharmaceutical company developing therapies for wet AMD, glaucoma, and other eye diseases using proprietary hydrogel platform technology. Comparable to TOI's drug-delivery-focused partnerships (e.g., Ripple Epidel) and ophthalmology-specialty commercial model.
• Kodiak Sciences: Clinical-stage ophthalmology biotech developing novel therapies for retinal diseases including wet AMD, diabetic eye disease, and retinal vein occlusion using proprietary antibody biopolymer conjugate technology. Comparable in indication focus (AMD, DME, RVO) to several of TOI's partnered programs.
• Iveric Bio (Astellas): Ophthalmology-focused biotech acquired by Astellas, developing therapies for age-related macular degeneration and other retinal diseases. Directly comparable given AMD focus overlapping with GAL-101, OLX301A/D, OLX10212, and CU06-RE in TOI's portfolio.

Emerging players

• Adverum Biotechnologies: Clinical-stage gene therapy company targeting ophthalmic indications including wet AMD and inherited retinal diseases. Overlapping therapeutic focus with TOI's gene therapy partnerships (Coave's CTx-PDE6b) and siRNA-based retinal disease programs (OliX).
• Regenxbio: Clinical-stage gene therapy company developing AAV-based therapeutics including ophthalmology programs (RGX-314 for wet AMD). Comparable to TOI's gene therapy partnership with Coave and overall focus on inherited retinal disease and AMD via partnered mechanisms.
• Oxurion: Clinical-stage ophthalmology company developing therapies for diabetic macular edema and other retinal vascular disorders. Smaller emerging player comparable to TOI's partnered DME/AMD programs (IBE-814 IVT, CU06-RE, OLX301A/D) in indication focus and stage.

Broad incumbents

• Bausch + Lomb: Global eye health company offering pharmaceuticals, surgical devices, and consumer vision care. Broader scope than TOI but directly comparable given its ophthalmology specialty pharma business covering dry eye, glaucoma, and retinal disease with established global commercialization infrastructure.
• Alcon: Global leader in eye care with surgical and vision care franchises plus a growing ophthalmic pharmaceuticals portfolio. Comparable to Laboratoires Théa as a broad ophthalmology incumbent with global distribution, but significantly larger scale than TOI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Théa Open Innovation