LENZ and Théa ink $70 million licensing deal for presbyopia treatment

CLERMONT-FERRAND, France - LENZ Therapeutics, Inc. (Nasdaq:LENZ), a $916 million market cap biotech company whose shares have surged 11% in the past week, has entered into an exclusive license and commercialization agreement with Laboratoires Théa for its presbyopia treatment LNZ100 in Canada, according to a press release statement issued Monday.

Under the agreement, LENZ will receive over $70 million in upfront, regulatory and commercial milestone payments, plus tiered, double-digit royalties on net sales. Théa will gain exclusive rights to develop, manufacture, register and commercialize LNZ100 for presbyopia treatment in Canada. According to InvestingPro data, LENZ maintains strong liquidity with a current ratio of 23.09, providing solid financial backing for its development programs.

LNZ100 is an aceclidine-based eye drop developed to improve near vision in people with presbyopia, a condition affecting approximately 1.8 billion people globally and 128 million in the United States.

The U.S. Food and Drug Administration has assigned a Prescription Drug User Fee Act target action date of August 8, 2025, for LNZ100, with no Advisory Committee Meeting planned to discuss the application.

"With its strong position in commercializing eye drops, Théa is uniquely positioned to bring the benefits of LNZ100 to patients in this key market," said Eef Schimmelpennink, President and Chief Executive Officer of LENZ Therapeutics.

Jean-Frédéric Chibret, President of Théa, said: "This partnership with LENZ will expand our portfolio with a promising therapy targeting a prevalent condition that affects millions of adults."

This marks LENZ’s third commercialization partnership outside the United States for LNZ100. LENZ is a pre-commercial stage biopharmaceutical company based in San Diego, while Théa is an independent pharmaceutical company specializing in eye-care products headquartered in France. Analysts maintain a bullish outlook on LENZ, with price targets ranging from $36 to $60. For deeper insights into LENZ’s financial health and growth prospects, check out the comprehensive research report available on InvestingPro.

In other recent news, LENZ Therapeutics has been active with several noteworthy developments. The company reported its financial results for the first quarter of 2025, revealing a net loss per share of $0.53, though it maintains a strong cash position with $194.1 million. LENZ Therapeutics also announced a strategic licensing agreement with Lotus Pharmaceutical for the commercialization of its presbyopia treatment, LNZ100, in Korea and select Southeast Asian countries, potentially bringing in up to $125 million in payments and royalties.

Citi analysts have reiterated a Buy rating for LENZ Therapeutics, with a price target of $45.00, citing the potential FDA approval of LNZ100 as a significant milestone. The company’s recent successful FDA meeting, where no major review issues were raised, further bolsters confidence in the approval process. LENZ Therapeutics held its 2025 annual stockholder meeting, where directors were elected, and Ernst & Young LLP was ratified as the independent auditor.

The company is also preparing for the commercial launch of LNZ100, with a sales force expansion underway and a focus on influencer marketing. The presbyopia market, valued at over $3 billion, presents a substantial opportunity for growth. LENZ Therapeutics’ innovative approach and strategic partnerships position it well in the competitive biopharmaceutical landscape.

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