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Case Study

Oculis: Transforming ophthalmology a drop at a time

By Benoit F. Leleux, Abdulaziz A. AlSayyari, Barbara Müller and Vladimir Novotny

21 pages

January 2026

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Reference: IMD-2692

For the team at Oculis, the announcement of the new USD 100 million fundraising could not have come at a more opportune moment. The biopharmaceutical startup was founded in 2017 to transform ophthalmology by developing not only original delivery mechanisms but also groundbreaking treatments for eye diseases like Diabetic Macular Edema (DME). Established by seasoned industry experts, Oculis aimed to replace invasive eye treatments with more accessible, patient-friendly solutions such as topical eye drops. The initial research conducted in a laboratory in Iceland led to a pipeline of drug candidates, now at various stages of clinical testing. The firm continued to ramp up thanks to successive rounds of financing from top investors and partners, totaling more than USD 500 million at the end of 2024. However, it also faced some dramatic events, including the sudden death in early 2024 of its CTO. The company continued to scale, strategically balancing clinical advancements with regulatory milestones. The recent secondary offering on Nasdaq would accelerate the clinical development pipeline, in particular its novel neuroprotective candidate Prisosegtor (OCS-05), OCS-01, a topical eye drop for DME, and OCS-02, a topical biologic eye drop candidate for dry eye disease. Oculis now grappled with a number of strategic decisions, with two questions in particular concerning the team. Should it rely mostly on outsourcing production to a contract development and manufacturing organization (CDMO) or develop its own in-house manufacturing capabilities? There were strong benefits and drawbacks to both approaches. It faced a related dilemma with its product pipeline. Should it continue to rely on its own R&D, as in the past, or should it consider acquiring technologies outside, through M&A activities?

Learning Objective

Understanding the dynamics of fundraising and product development for advanced biotechnology solutions subject to multiple regulatory oversights.
Discuss the pros and cons of strategic production decisions in pharma, in particular the choice between in-house facilities and reliance on outsourced CDMOs.
Investigate the pros and cons of in-house R&D versus various type of outsourced product development approaches, such as licensing, partnering and M&A activities.
Review the managerial implications of fast growth on a global scale required to capitalize on short patent lives.

Keywords

Start-up, Venture Capital, Entrepreneurship, Strategy, Biotechnology, Ophthalmology, Drug Development, Regulation, Scale-up

Settings

Switzerland
Oculis, Healthcare, Pharmaceuticals
2017-2025

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

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