Ophthalmology company Nicox SA (Euronext Growth Paris:ALCOX) on Thursday announced an exclusive licensing agreement with its Japanese partner Kowa Company Ltd for the development and commercialisation of NCX 470 in the United States and all unlicensed global territories.

The agreement includes an upfront payment of EUR7.5m and total potential development and commercial milestone payments of up to EUR191.5m, depending on the results of the Denali Phase 3 clinical trial expected between mid-August and mid-September 2025.

Kowa will assume full responsibility for the preparation and filing of the New Drug Application with the US Food and Drug Administration, expected in the second half of 2026, along with all future development and commercialisation costs.

Nicox will continue to fund remaining development data needed for the NDA, primarily pharmacokinetic studies, and will support Kowa during the submission process.

Royalty terms include tiered payments of up to 20% on US net sales, starting at either 8% or 10%, depending on trial outcomes, and high single- to double-digit royalties in other licensed regions.

NCX 470 is a nitric oxide-donating bimatoprost eye drop aimed at lowering intraocular pressure in glaucoma and ocular hypertension patients.

Kowa already holds rights to NCX 470 in Japan, while Ocumension Therapeutics retains rights in China, Korea, and Southeast Asia.

This agreement provides Nicox with strategic flexibility while reinforcing its role in global ophthalmic innovation.