Nicox and Kowa Sign Agreement for Exclusive Rights to Glaucoma Treatment NCX 470 in US and Unlicensed Territories

Kowa has gained exclusive rights to develop and commercialize NCX 470, Nicox’s nitric oxide (NO)-donating bimatoprost eye drop for the lowering of IOP in patients with glaucoma or ocular hypertension in the US and all other territories of the world excluding Japan, China, Korea and Southeast Asia.   Kowa already has a license to NCX 470 for Japan, where it is preparing to enter a phase 3 clinical trial. NCX 470 is also licensed to Ocumension Therapeutics for China, Korea and Southeast Asia.

Under the terms of the agreement, Nicox will receive an upfront payment of €7.5 million ($8.7 million) on signing. Additional near-term milestones payments are due on positive topline results from the Denali clinical trial, expected mid-August to mid-September 2025, and on submission of a new drug application (NDA) to the FDA, which is currently expected in the second half of 2026. The total potential development and sales milestones payments will be either €127 million ($147 million) or €191.5 million ($221 million), depending on the outcome of the Denali clinical trial, plus royalties up to 20% in the US. 

“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. 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,” Gavin Spencer, Chief Executive Officer of Nicox, said in a company news release. “The revenue stream we expect from NCX 470 gives us the flexibility to pursue future growth opportunities, leveraging our expert US ophthalmology development team.”