What Link Biologics does

Link Biologics Limited is a preclinical-stage biotechnology company headquartered in London, UK, that develops protein biologic therapeutics based on TSG-6 (Tumor Necrosis Factor-stimulated Gene-6). The company was spun out of the University of Manchester in June 2021 to translate decades of academic research by co-founders Professor Tony Day and Dr. Caroline Milner into clinical assets. Its technology centres on Link_TSG6, the isolated Link module domain of human TSG-6, which is engineered to deliver multi-pathway modulation combining anti-inflammatory, tissue-protective, and tissue-reparative activity rather than blocking a single disease pathway. The pipeline comprises LB001 (Dry Eye Disease), LB002 (Osteoarthritis), LB003 (an undisclosed musculoskeletal indication in discovery), and LB004 (Wet AMD, designed for subcutaneous administration to avoid intraocular injection); pre-clinical data include corneal protection in DED models superior to Restasis and cartilage-protective effects in OA models.

Name

Link Biologics

Legal name

Link Biologics Limited

Website

https://linkbiologics.co.uk

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Link Biologics is a UK preclinical-stage biotech spun out from the University of Manchester in 2021, developing Link_TSG6 protein biologics targeting Dry Eye Disease, Wet AMD, and Osteoarthritis, with its lead DED programme backed by a £200M+ Théa Group partnership.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Therapeutic Peptides & Protein/Peptide Biologics (HLAAAAAH)

akta.pro secondary industries

Recombinant Protein Therapeutics (enzymes, hormones, growth factors) (HLAAAAAB), Protein Engineering & Directed Evolution Platforms (enzyme/therapeutic protein optimization) (HLAAAIAC), In Vivo Discovery & Translational Models Platforms (humanized models, PK/PD, efficacy) (HLAAAIAK)

Keywords

• Protein therapeutics
• Anti-inflammatory biologics
• Tissue-protective therapies
• Ophthalmology drug development
• TSG-6 biologics

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Therapeutic development and commercialization: Pre-revenue biotech company developing protein biologics for inflammatory and degenerative diseases. Revenue will be generated through pharmaceutical product sales upon successful clinical development and regulatory approval.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Link Biologics develops and commercialises protein biologics based on Link_TSG6, the isolated Link module domain of human TSG-6, for the treatment of inflammatory and degenerative diseases. Its pipeline centres on LB001 (Dry Eye Disease), LB002 (Osteoarthritis), LB003 (undisclosed musculoskeletal indication) and LB004 (Wet Age-related Macular Degeneration), combining anti-inflammatory, tissue-protective and tissue-reparative activity through multi-pathway modulation. The company monetises this pipeline through development and commercialisation partnerships with established pharmaceutical companies, with Théa Group as lead partner for LB001 in a fully funded >£200M deal.

Product overview

Link Biologics is pioneering the development of protein biologics that harness the protective biology of TSG-6 (Tumor Necrosis Factor-stimulated Gene-6). The company's core product is Link_TSG6, a recombinant human protein biologic comprising the isolated Link module domain from human TSG-6. This technology underlies the entire pipeline portfolio including LB001 (Dry Eye Disease), LB002 (Osteoarthritis), LB004 (Wet AMD), and LB003 (undisclosed musculoskeletal indication). Unlike conventional therapies that block single pathways, these biologics modulate multiple aspects of disease by combining anti-inflammatory, tissue-protective, and tissue-reparative properties, acting as a biological rheostat rather than a simple on/off switch. The lead programme LB001 is partnered with Théa Group in a >£200M deal and expected to enter clinical trials in 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• Link_TSG6 (protein biologic) Novel protein biologic consisting of the isolated Link module domain from human TSG-6, designed to treat inflammatory and degenerative diseases through multi-pathway modulation combining anti-inflammatory, tissue-protective, and tissue-reparative properties. Intended to act as a biological rheostat fine-tuning intrinsic pathways rather than as a single-pathway blocker, for development partners and licensees in pharmaceutical and biotech companies.
• LB001 (Dry Eye Disease programme) Lead Link_TSG6-based ophthalmology programme for the treatment of Dry Eye Disease in preclinical development, partnered with Théa Group and validated by FDA-confirmed Phase 3-enabling Phase 1/2 trial design, GLP toxicology completion in two species and GMP production at clinical scale. Aimed at the global Dry Eye Disease market (~350 million patients) with significant unmet need.
• LB002 (Osteoarthritis programme) Link_TSG6-based musculoskeletal programme for the treatment of Osteoarthritis in preclinical development, demonstrating disease-modifying potential in preclinical models: suppression of cartilage-damaging enzymes and reduction in cartilage breakdown and touch-evoked pain behaviour. Aimed at patients with Osteoarthritis (~365 million globally), where no disease-modifying treatment currently exists.
• LB004 (Wet Age-related Macular Degeneration programme) Link_TSG6-based ophthalmology programme for Wet Age-related Macular Degeneration in preclinical development, differentiated by potential subcutaneous administration that would avoid the burden of intraocular injections. Part of Link Biologics' multi-billion-dollar ophthalmology focus.
• LB003 (disclosed musculoskeletal programme) Link_TSG6-based musculoskeletal programme in discovery stage, targeting an undisclosed musculoskeletal indication and extending the platform beyond LB002's Osteoarthritis focus.

Quantifiable outcome

• Link_TSG6 suppressed production of enzymes implicated in cartilage damage in OA models
• +4 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Théa GroupcoreStrategic or Co-development Partner · 1 January 2027Fully funded >£200M partnership with Théa Group for the DED programme (LB001). Théa Group is a leading ophthalmology company and provides validation for Link Biologics' approach. Céline Olmiere, Head of Théa Open Innovation, serves on Link Biologics' Board.
• University of ManchestercoreStrategic or Co-development Partner · 5 June 2023Link Biologics was spun-out from the University of Manchester in June 2021. The company acquired full ownership of key patent rights for Link_TSG6 originally developed at the University of Manchester. Research collaboration on osteoarthritis with academic researchers including Professor Tony Day and Caroline Milner.
• Seoul National University College of MedicineminorStrategic or Co-development Partner · 13 January 2022Research collaboration on Dry Eye Disease preclinical studies with researchers from Seoul National University College of Medicine, including Dr Joo Youn Oh as corresponding author of published research.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Oculis Holding AG: Oculis is a clinical-stage ophthalmology biotech developing novel therapies for DED and other retinal diseases, including a biologic eye drop (licaminlimab) and OCS-05 for neuroprotection. Directly comparable to Link Biologics in indication focus (DED, AMD), modality (biologics), and stage of clinical translation.
• Novaliq GmbH: Novaliq is an ophthalmology-focused biotech developing water-free topical therapies for DED (e.g., CyclASol/Vevye, perfluorohexyloctane-based products). Directly comparable to Link Biologics' LB001 DED programme in indication and therapeutic positioning, although differentiated by delivery technology.
• OcuTerra Therapeutics: OcuTerra is developing innovative ophthalmic therapies including OTT166, a DED treatment being advanced through clinical development. Direct peer in DED indication and stage; notably, Dr. Majid Anderesi (Link Biologics' Senior Clinical Lead) is a former VP of Clinical Development at OcuTerra, evidencing deep personnel overlap.
• Sylentis (PharmaMar group): Sylentis is a clinical-stage ophthalmology biotech developing RNAi-based therapies for DED (tivanisiran) and other ocular indications. Directly comparable in DED indication focus and clinical-stage positioning, with a differentiated oligonucleotide rather than protein-biologic mechanism.
• Kala Bio: Kala Bio is a clinical-stage biopharmaceutical company developing novel biologics for ophthalmic diseases, with a focus on rare and serious front- and back-of-eye conditions. Directly comparable in modality (protein biologics) and indication focus (ophthalmology), and similar preclinical/early-clinical stage development profile.
• Tarsus Pharmaceuticals: Tarsus is a commercial-stage ophthalmology company with lead therapy Xdemvy for Demodex blepharitis and a pipeline including DED and other ocular surface programmes. Comparable in DED/ocular surface disease focus and ophthalmology commercial positioning, although more advanced commercially.
• Biosplice Therapeutics (formerly Samumed): Biosplice developed lorecivivint, a Phase 3-stage DMOAD candidate for knee OA, and has a broader pipeline in osteoarthritis and musculoskeletal disease. Directly comparable to Link Biologics' LB002 OA programme in indication, disease-modifying positioning, and clinical-stage development.

Emerging players

• HanAll Biopharma: HanAll is a clinical-stage biopharma developing novel biologics for autoimmune and inflammatory diseases, with ophthalmology and rare disease programs. Comparable in modality (protein biologics), anti-inflammatory mechanism, and emerging-stage development of inflammation-focused therapeutics.
• Oxular Limited: Oxular is an ocular therapeutics biotech developing sustained-release drug delivery technologies for retinal diseases, including diabetic macular edema and AMD. Comparable in ophthalmology focus and emerging-stage retinal disease programmes, with a differentiated delivery rather than biologic mechanism.

Others

• Artios Pharma: Artios is a clinical-stage oncology biotech developing DNA damage response (DDR) inhibitors. While not directly comparable in indication, Artios is highly relevant contextually: Dr. Niall Martin (new Link Biologics board appointee) was co-founder and former CEO of Artios, and the company has raised >£300M, providing a useful comp for capital and operational scaling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/linkbiologics
• LinkedInlinkedin.com/company/link-bio

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

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 Link Biologics