Nicox Licenses NCX 470 Rights to Kowa

Nicox S.A. has entered into a significant licensing agreement with Kowa Company, Ltd., granting Kowa the exclusive rights to develop and commercialize NCX 470 in the United States and all other unlicensed territories worldwide, excluding Japan, China, Korea, and Southeast Asia.

NCX 470 is a nitric oxide (NO)-donating bimatoprost eye drop under development for the reduction of intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.

Expanding an Existing Global Partnership

Kowa already holds exclusive rights to NCX 470 in Japan, where a Phase 3 clinical trial is in preparation. The compound is also licensed to Ocumension Therapeutics for development and commercialization in China, Korea, and Southeast Asia. With this new agreement, NCX 470 is now licensed globally, marking a critical step in Nicox’s strategy to build broad market access for its lead candidate.

Financial Terms and Milestone Triggers

Under the agreement, Nicox will receive an upfront payment of €7.5 million ($8.7 million). Additional near-term milestone payments are expected upon the release of positive topline results from the Denali Phase 3 trial, anticipated between mid-August and mid-September 2025, and upon the submission of a New Drug Application (NDA) to the FDA, currently projected for the second half of 2026.

Depending on the outcomes of the Denali trial, total development and sales milestone payments could reach either €127 million ($147 million) or €191.5 million ($221 million). Nicox will also be eligible for royalties of up to 20% on U.S. sales.

Leadership Perspective: Strategic and Financial Impact

“This new agreement with our existing partner, Kowa, is a major endorsement of NCX 470’s potential in glaucoma and marks a major step forward in strengthening Nicox’s financial position,” said Gavin Spencer, Chief Executive Officer of Nicox.

He added, “With NCX 470 now globally licensed, we are focused on delivering the Denali Phase 3 results, which we anticipate releasing mid-August to mid-September. The revenue stream we expect from NCX 470 gives us the flexibility to pursue future growth opportunities, leveraging our expert U.S. ophthalmology development team.”