Nicox and Kowa Sign Key Agreement worth up to €191.5 million for Exclusive Rights to Glaucoma Treatment NCX 470 in U.S. and all Unlicensed Territories

Core Viewpoint - Nicox has signed a significant agreement with Kowa Company, granting exclusive rights for the development and commercialization of NCX 470, a glaucoma treatment, in the U.S. and other unlicensed territories, potentially worth up to €191.5 million [1][2][3] Agreement Details - The agreement includes an upfront payment of €7.5 million, with additional milestone payments based on the results of the Denali clinical trial and the submission of a New Drug Application (NDA) to the FDA, which is expected in H2 2026 [2][6] - Total potential milestone payments could reach either €127 million or €191.5 million, depending on the Denali trial outcomes, along with tiered royalties of up to 20% in the U.S. [5][7] Financial Implications - 70% of the upfront payment will be used to partially repay Nicox's debt, reducing it to €9.6 million, with an estimated cash position of €5.9 million as of June 30, 2025, allowing for over 12 months of cash runway [10] Market Context - The glaucoma pharmaceutical market is valued at over $7 billion, with the U.S. market accounting for approximately 40% and expected to grow at a CAGR of 3% to 5% [11] Product Overview - NCX 470 is a novel nitric oxide-donating bimatoprost eye drop currently in Phase 3 clinical development for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension [12][13]