Presbyopia affects an estimated 1.8 billion people worldwide, yet for most of its history, the only practical solutions were reading glasses, contact lenses, or surgery. That changed last July when the U.S. Food and Drug Administration approved VIZZ (aceclidine ophthalmic solution 1.44%), a once-daily eye drop developed by LENZ Therapeutics, Inc. (NASDAQ: LENZ) that improves near vision within 30 minutes and lasts up to 10 hours. It is the first and only FDA-approved aceclidine-based drop for the condition. Now, less than a year after that approval, the company has taken a significant step toward tapping what may be the largest single presbyopia market on the planet.
LENZ has announced that Everest Medicines Limited (HKEX: 1952.HK) has entered into an Asset Purchase Agreement with Corxel Pharmaceuticals to acquire the rights to develop, manufacture, and commercialize VIZZ, known in China as LNZ100, across Greater China, covering mainland China, Hong Kong, Macao, and Taiwan. As part of the transaction, Everest assumes the rights and obligations previously held by Corxel under a license agreement originally signed with LENZ in April 2022. LENZ is also eligible to receive additional payments connected to the execution of the agreement between Corxel and Everest.
The financial structure of the deal is worth understanding. LENZ becomes eligible for up to $85 million in regulatory and sales milestones, along with tiered royalties on net sales ranging from mid-single digit to low-double digit percentages. None of this requires LENZ to issue new shares or take on debt to fund Chinese operations. For a company that is still in the early stages of building its U.S. commercial business, that is a meaningful distinction. The milestone and royalty structure gives LENZ a potential revenue stream from China without bearing the cost of running that market itself.
The scale of the opportunity in China is hard to ignore. China had approximately 323 million people over the age of 60 in 2025, representing 23% of the total population. By extension, estimates place the number of people in China living with presbyopia at around 600 million, which would make it the single largest patient pool for this condition anywhere in the world. The China myopia and presbyopia treatment market was valued at approximately $2.3 billion in 2025 and is projected to grow at a compound annual growth rate of 11.5% over the forecast period.
The regulatory pathway in China is already underway. LENZ filed a New Drug Application with China’s National Medical Products Administration in September 2025, and approval is currently anticipated in the first quarter of 2027. Everest brings relevant experience to that process. The company has developed a fully integrated commercialization platform combining omnichannel commercial capabilities with end-to-end product lifecycle management. It has previously launched products in mainland China and has a stated strategic focus on ophthalmology as a growth area.
For investors watching LENZ, the context around the stock matters. The stock has declined approximately 73% over the past six months, trading near its 52-week low, as concerns about profitability and cash burn weighed on sentiment during the early stages of the U.S. commercial launch. The company has been spending aggressively to build out its U.S. sales infrastructure, including a direct-to-consumer campaign launched in early 2026. The China deal does not change that near-term cost picture in the U.S., but it does add a potential non-dilutive revenue layer tied to a separate regulatory and commercial timeline.
VIZZ has also been filed for regulatory approval in the United Kingdom and Europe, reflecting a broader international strategy. The aceclidine mechanism at the heart of the drug, which works by selectively contracting the iris rather than the ciliary muscle, has demonstrated a differentiated clinical profile compared to older miotic compounds. Clinical trial results showed significant improvements in near vision without compromising distance vision, with the drop improving near vision within 30 minutes and sustaining that effect for up to 10 hours.
The Everest deal represents a near-term catalyst in a story that still carries meaningful execution risk, but it confirms that a well-resourced Chinese biopharmaceutical company with an established commercial footprint in the region sees enough in VIZZ to take on full responsibility for its development and launch across one of the world’s most consequential healthcare markets.
