NicOx gains on option to acquire Altacor

NicOx S.A. (Euronext:COX) gained EUR 1.10 (35%) to EUR 4.22 on Wednesday after saying it will acquire an 11.8% stake in ophthalmic company Altacor Ltd. (Cambridge, U.K.) for L2 million ($3.2 million) in cash. NicOx also received an exclusive option to acquire the remaining Altacor shares for an additional L9 million ($14.2 million) in cash and/or stock. The option expires May 31. If the option is exercised, Altacor shareholders would be eligible to receive up to an additional L8.5 million ($13.5 million) in milestones, including payments related to a potential NDA submission in the U.S. for Altacor's ALT-005. The ophthalmic surgical antiseptic solution is in a Phase III trial.

According to NicOx, the deal is the first step in its strategy of becoming an international, late-stage development and commercial ophthalmology company. NicOx said the acquisition would provide an established sales organization in the U.K. and Ireland, where Altacor markets prescription and OTC products for dry eye syndrome. NicOx's ophthalmology pipeline includes BOL-303259-X, a nitric oxide (NO)-donating prostaglandin F2-alpha analog partnered with Bausch + Lomb Inc. (Rochester, N.Y.). Last week, the partners said the product met the primary endpoint in a Phase IIb trial to treat primary open-angle glaucoma and ocular hypertension (see BioCentury, March 13). ...