Retina remains one of the most innovative areas in ophthalmology, but as therapies mature and development costs rise, many emerging companies eventually face a familiar question: how to sustain growth and bring new therapies to more patients. That challenge was a central theme of “From Big Pharma to Biotech: Advancing Solutions for Unmet Medical Needs,” a Biogen-sponsored Friday evening fireside chat during the Clinical Trials at the Summit meeting in Las Vegas.
In a 20-minute conversation with Diana V. Do, MD, of the Byers Eye Institute at Stanford University, Anthony Wallace discussed his career in industry, the evolution of the retina market, and the implications of Biogen’s recent acquisition of Apellis Pharmaceuticals. Wallace previously served as vice president and head of the US ophthalmics franchise at Novartis and later as vice president and general manager of the US surgical business at Bausch + Lomb before joining Apellis, where he helped lead the commercialization of Syfovre (pegcetacoplan).
Wallace described retina as a uniquely collaborative field, citing close interactions among physicians, industry, and investors as a key driver of innovation. “I’ve worked in 13 therapeutic areas, and I can tell you there is nothing like it,” Wallace said. “That’s really what accelerates innovation in retina.”
The discussion focused heavily on geographic atrophy (GA) and Biogen’s plans following its acquisition of Apellis in March 2026. Wallace said the move gives the company a foundation for future growth in ophthalmology while providing resources that smaller biotechnology companies often lack to support new therapies. Increasing clinical development and commercialization costs eventually limit what many smaller companies can accomplish, he noted: “There comes a time when any startup company or biotech company realizes that you kind of hit a ceiling on what you can do.”
According to Wallace, an immediate advantage for Biogen is its ability to pursue broader regulatory and commercial strategies outside the United States. Larger organizations bring expanded regulatory expertise, global infrastructure, and the resources needed to navigate various international markets.
Wallace also addressed questions about whether Biogen acquired Apellis for its rare disease programs, rather than its retina business. He emphasized that GA will remain an important component of the company’s strategy. “Syfovre will be the second-largest asset by revenue in the [Biogen] portfolio,” Wallace said. “You’re going to see investment in the drug, and you’re going to see investment in finding ways to get this to more patients.”
The conversation also touched on the continuing challenge of identifying and treating patients with GA. Wallace noted that many patients remain untreated despite diagnosis, and that disease complexity, physician comfort with treatment, and reimbursement concerns have all influenced adoption. However, he pointed to continued growth in treatment utilization as evidence that the market is evolving.
For retina specialists interested in industry leadership roles, Wallace encouraged early engagement with companies during product development, rather than waiting until products reach commercialization. He said physician involvement helps define unmet needs, shape clinical trial design, and ensure that development programs reflect real-world practice.
Looking ahead, Wallace said future opportunities in retina will continue to be guided by meaningful unmet needs rather than incremental advances. “We’re a company that really tries to solve for solutions of unmet medical needs,” he said. “Can we truly make an impact with this?” RP