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In a recent move, the French based NicOx, has agreed a deal to purchase the British based Altacor company for a total of £11 million with initial payments of £2 million in order to secure an 11.8% share of the ophthalmics firm. NicOx is a pharmaceutical company focused on the development of nitric oxide-donating drug-candidates and works closely with the marketing of products for a range of eye related conditions.
The firm Altacor is a specialist ophthalmology company developing and marketing a portfolio of products in the fields of dry eye, glaucoma and ocular infection. Primary concerns for the business cover the UK and in particular its dry eye sector. Further interests in the firm include the development of a phase III-stage surgical antiseptic candidate ALT-005 and a unit for intraocular lens insertion.
NicOx, the Parisian company, studies the development of nitric oxide donating compounds in the treatment of diseases such as macular edema in diabetics as well as retinopathy in the same demographic for which it is researching and seeking potential partners for future studies.
The main reason behind NicOx making this move to acquire Altacor is that of its desire to find a launchpad for new products and treatments in the UK and as such are already investigating options across the pond in the United States. Following the initial stake which NicOx has purchased, they will have to option to exercise their right to purchase further shares in the British firm with totals of around £8.5 million over a set period agreed to cover such eventualities.