Nicox and Kowa Sign USD 210.65 Million Deal for NCX 470 Glaucoma Treatment in U.S. and Beyond

Nicox SA, a global leader in ophthalmology, has entered into a significant agreement with Kowa Company, Ltd., a Japanese pharmaceutical company renowned for its innovative research and global market presence. The deal, valued at up to USD 210.65 million, grants Kowa exclusive rights to develop and commercialize NCX 470, Nicox’s nitric oxide (NO)-donating bimatoprost eye drop designed to reduce intraocular pressure (IOP) in patients with glaucoma or ocular hypertension. The agreement covers the U.S. and all territories worldwide, except Japan, China, Korea, and Southeast Asia.

Kowa already holds a license for NCX 470 in Japan, where it is advancing toward a Phase 3 clinical trial. Additionally, Ocumension Therapeutics is licensed to develop and market NCX 470 in China, Korea, and Southeast Asia.

Agreement Details

Under the terms of the agreement, Nicox will receive an initial payment of €7.5 million upon signing. Further milestone payments are contingent on positive topline results from the Denali Phase 3 clinical trial, expected between mid-August and mid-September 2025, and upon submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA), projected for the second half of 2026. Depending on the Denali trial outcomes, total potential milestone payments could amount to either €127 million or €191.5 million, with Nicox also earning royalties of up to 20% on U.S. sales.

Strategic Significance

“This agreement with Kowa, our trusted partner, underscores the transformative potential of NCX 470 in treating glaucoma and significantly bolsters Nicox’s financial position,” said Gavin Spencer, CEO of Nicox. “With NCX 470 now licensed globally, we are focused on delivering the Denali Phase 3 results, expected in the coming weeks, and leveraging our U.S. ophthalmology expertise to drive future growth.”

Emmet Purtill, VP of Business Development at Nicox, added, “Building on our successful collaboration with Kowa, this expanded partnership positions them as our primary commercial partner for NCX 470 in the U.S. and other key markets. We are confident in the drug’s market potential, which we expect the Denali trial results to validate, and look forward to working with Kowa and Ocumension to deliver NCX 470 to glaucoma patients worldwide.”