Kowa Secures Expanded Rights to Nicox’s Glaucoma Drug NCX 470 in Major Global Deal

Kowa has been granted exclusive rights to develop and commercialize NCX 470, Nicox’s nitric oxide-donating bimatoprost eye drop for lowering intraocular pressure in glaucoma or ocular hypertension, across the US and all global territories except Japan, China, Korea, and Southeast Asia123.

Nicox will receive an upfront payment of €7.5 million ($8.7 million), with additional milestone payments totaling up to €191.5 million ($221 million) depending on the outcome of the Denali Phase 3 clinical trial, which is expected to report topline results between mid-August and mid-September 2025123.

Royalties to Nicox will be tiered, reaching up to 20% in the US and in the high single to double digits in other markets2.

Kowa will manage and fund all remaining development, US NDA filing, and commercialization costs for NCX 470 in the licensed territories23.

Kowa already holds rights for Japan and is preparing phase 3 clinical trials there, while rights for China, Korea, and Southeast Asia remain with Ocumension Therapeutics13.

This deal is expected to strengthen Nicox’s financial position and enables Nicox to pursue future growth opportunities leveraging its US ophthalmology development team13.

Sources:

1. https://eyewire.news/news/nicox-and-kowa-sign-agreement-for-exclusive-rights-to-glaucoma-treatment-ncx-470-in-us-and-all-unlicensed-territories

2. https://www.globenewswire.com/news-release/2025/07/17/3116959/0/en/Nicox-and-Kowa-Sign-Key-Agreement-worth-up-to-191-5-million-for-Exclusive-Rights-to-Glaucoma-Treatment-NCX-470-in-U-S-and-all-Unlicensed-Territories.html

3. https://www.nicox.com/wp-content/uploads/ENNCX470KowaGlobalLicenseJuly2025PR_FINAL.pdf