[Edaily Reporter YU JIN-HEE ] The driving force behind global pharmaceutical and biotech companies’ large-scale investment in Ingenia Therapeutics’ technology lies in “LCIDEC” (Ligand Capture, Internalization, Degradation in EC), a unique platform technology that is shaking up the existing ophthalmology market paradigm.

A Unique Platform Shaking Up the Ophthalmology Market

Currently, the global market for treatments for retinal diseases, such as age-related macular degeneration, is massive, reaching approximately $15.8 billion (about 24 trillion won) annually. This market is dominated by giant blockbuster drugs such as Eylea from U.S.-based Regeneron Pharmaceuticals and Vabysmo, developed by Genentech, a subsidiary of Swiss-based Roche.

However, these existing treatments rely on a one-dimensional mechanism that simply inhibits the factor responsible for the growth of abnormal blood vessels within the eye (Anti-VEGF, anti-vascular endothelial growth factor). They also have a critical limitation: for refractory patients—who account for about 60% of the total patient population—the drugs are either less effective or fail to halt the progression of vision loss even during treatment.

In contrast, Ingenia’s LCIDEC employs a differentiated approach that fundamentally repairs and stabilizes the structure of damaged and leaky microvessels. The bispecific antibody incorporating this technology performs an innovative dual action: it activates a receptor (TIE2) on the vascular cell membrane to restore healthy blood vessels, while simultaneously binding to the protein responsible for causing eye disease, drawing it into the vascular endothelial cells, and breaking it down and eliminating it without a trace.

As a result, the duration of the drug’s presence in the tissue is expected to increase dramatically, significantly extending the interval between eye injections from the current 4–8 weeks to an average of once every 16 weeks, with a maximum of once every 24 weeks. This is why the technology is regarded as a breakthrough that reduces patient discomfort and maximizes convenience.

Ingenia’s innovation aligned perfectly with the development strategy of Merck, one of the world’s top five pharmaceutical and biotech companies. Initially, Ingenia licensed its lead compound, IGT-427, to EyeBio, a UK-based ophthalmology-focused biotech company, in 2022. However, when Merck unexpectedly acquired EyeBio in 2024 for up to $3 billion (approximately 4.6 trillion won), the compound was incorporated into Merck’s official pipeline (Merck code name: MK-8748).

Selected as one of Merck’s “Top 10 Core Assets” targeting a 107 trillion won commercial opportunity

Merck has been making an all-out effort to identify new growth drivers in anticipation of the 2028 expiration of its patent and loss of exclusivity for its blockbuster immuno-oncology drug, Keytruda (KEYTRUDA), in the U.S. In fact, Keytruda is projected to reach peak annual sales of $35 billion (approximately 54 trillion won) in 2028 before entering a decline.

Last year, Keytruda’s sales totaled $31.7 billion (approximately 49 trillion won), accounting for roughly half of Merck’s total revenue of $65 billion (approximately 100 trillion won) for the same year. The company urgently needs a strong growth driver to offset the massive revenue shortfall and pressure to lower drug prices that will inevitably follow the upcoming patent expiration.

In line with this strategy, Merck has designated its ophthalmology pipeline—which includes Ingenia’s technology—as one of the company’s “Ten Key Programs,” projected to generate a total commercial value of over $70 billion (approximately 107 trillion won) by the mid-2030s. To this end, the company is providing full support for late-stage clinical trials with the goal of global commercialization by 2030. Within Merck, this area holds such high strategic importance that the company expects it to generate over $5 billion (approximately 7.7 trillion won) in new annual revenue.

If Merck’s clinical roadmap is realized, Ingenia’s profitability will also grow exponentially. This is because the compound has the potential to expand its indications to a total of seven severe eye diseases, including not only age-related macular degeneration but also diabetic macular edema. This means that milestone payments are lined up at each clinical stage. In particular, starting in 2030—when product sales are expected to ramp up in earnest—tiered royalty revenue linked to Merck’s global sales will begin flowing in.

An Injenia official stated, “IGT-427 can be applied to up to seven eye diseases, offering significant potential for expansion,” adding, “Given that our compound has demonstrated superior efficacy and duration of effect compared to existing treatments (such as Eylea and Bavismo) in clinical trials in the retinal disease market, we expect rapid market share growth upon commercialization.”