New agreement to authorize Kowa Company to develop, manufacture Nicox's NCX 470 in US

Worth up to €191.5 million, the agreement allows for the distribution of the drop in the US and all other international territories excluding Japan, China, Korea, and Southeast Asia. Image credit: AdobeStock/M+Isolation_Photo

Nicox SA has signed a major new agreement concerning its NCX 470 with Kowa Company, a Japanese company specializing in trade and manufacturing.¹ The agreement allows for Kowa to have exclusive rights in the developing and commercializing of Nicox’s nitric oxide (NO)-donating bimatoprost eye drop that works to lower intraocular pressure (IOP) in patients with glaucoma or ocular hypertension, according to the release.

Worth up to €191.5 million, the agreement allows for the distribution of the drop in the US and all other international territories, excluding Japan, China, Korea, and Southeast Asia.¹

“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, Nicox CEO, in the release. “With NCX 470 now globally licensed, we are focused on delivering the Denali Phase 3 results, which we anticipate release 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 US ophthalmology development team.”

Kowa currently has a license to NCX 470 to Japan, where this phase 3 clinical trial will be conducted. Additionally, NCX 470 is licensed to Ocumension Therapeutics for China, Korea, and Southeast Asia.¹

Agreement terms include Nicox receiving an upfront payment of €7.5 million on signing. Additional near-term milestone payments are due on positive topline results from the Denali trial and on the submission of a new drug application (NDA) with the FDA, expected in the second half of 2026. The total potential development and sales milestone payments are expected to be either €127 million or €191.5 million, dependent upon the clinical trial outcome, plus royalties up to 20% in the US, the release stated. Depending on the clinical trial results, royalties due in the US will initially be 8% or 10%. Outside of the US, Nicox will receive tiered royalties that range within single-digit and double-digit percentages.¹

“Expanding our collaboration with Kowa, who now becomes our key commercial partner for NCX 470 in the U.S and other major territories, is based on a very successful history of working together. We believe that Kowa has recognized the significant market potential of NCX 470, which we expect to be confirmed with the upcoming results from the Denali phase 3 trial,” said Emmet Purtill, vice president of business development of Nicox, in the release. “We look forward to continuing to work with Kowa as well as our partner for the Chinese market, Ocumension, to bring NCX 470 to glaucoma patients worldwide.”

Kowa will be responsible at its own cost for all development, regulatory, and commercialization activities for NCX 470 in the licensed territories.¹

Reference:

1. Nicox and Kowa sign key agreement worth up to €191.5 million for exclusive rights to glaucoma treatment NCX 470 in US and all unlicensed territories. News release. Nicox SA. July 17, 2025. Accessed July 17, 2025. https://www.nicox.com/wp-content/uploads/EN_NCX470KowaGlobalLicenseJuly2025_PR_FINAL.pdf