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

Nicox SA, a global leader in ophthalmology, has announced a landmark agreement with Kowa Company, Ltd., a Japanese pharmaceutical company renowned for its innovative research and global marketing expertise. The deal, valued at up to USD 210.65 million, grants Kowa exclusive rights to develop and commercialize NCX 470, Nicox’s nitric oxide-donating bimatoprost eye drop, for reducing intraocular pressure in patients with glaucoma or ocular hypertension. The agreement covers the U.S. and all global territories except Japan, China, Korea, and Southeast Asia.

Under the terms of the agreement, Nicox will receive an upfront payment of €7.5 million upon signing. Additional milestone payments, totaling either €127 million or €191.5 million, are contingent on the success of the Denali Phase 3 clinical trial, with results anticipated between mid-August and mid-September 2025, and the submission of a New Drug Application (NDA) to the U.S. FDA, expected in the second half of 2026. Nicox will also earn royalties of up to 20% on U.S. sales.

Kowa, which already holds the license for NCX 470 in Japan and is gearing up for Phase 3 trials there, strengthens its partnership with Nicox through this expanded agreement. Ocumension Therapeutics continues to hold rights for NCX 470 in China, Korea, and Southeast Asia.

“This agreement with Kowa is a powerful validation of NCX 470’s potential to address unmet needs in glaucoma treatment,” said Gavin Spencer, CEO of Nicox. “It significantly enhances our financial stability and positions us to capitalize on future opportunities in ophthalmology, leveraging our expert U.S. development team.”

Emmet Purtill, VP of Business Development at Nicox, added, “Building on our successful collaboration with Kowa, this deal positions them as our key partner for NCX 470 in major markets. We are confident in the upcoming Denali trial results and look forward to working with Kowa and Ocumension to bring this innovative therapy to patients worldwide.”

The Denali Phase 3 trial is a critical milestone for NCX 470, with its outcome expected to confirm the drug’s efficacy and market potential. This agreement marks a pivotal step for Nicox in advancing its mission to deliver cutting-edge solutions for eye health.