Nicox Gets $3 Million Milestone Payment for Ocular Drug

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SOPHIA ANTIPOLIS, France—International ophthalmology company Nicox SA (Euronext Paris: FR0013018124, COX) announced that it has received a $3 million milestone payment from partner Eyevance Pharmaceuticals, triggered by the completion of the regulatory and manufacturing activities under Nicox’s responsibility necessary for the final manufacturing milestone payment in preparation for the future launch of Zerviate in the U.S. Zerviate (cetirizine ophthalmic solution), 0.24%, is the first topical ocular formulation of the antihistamine cetirizine for the treatment of ocular itching associated with allergic conjunctivitis, according to Nicox.

Nicox and Eyevance entered into a licensing agreement for Zerviate in the U.S. in September 2017 in which Nicox agreed to provide pre-launch manufacturing support to Eyevance and was responsible for completing the requisite scale-up activities for the manufacturing of the commercial product and professional samples necessary for the launch. From now on, all manufacturing and regulatory responsibilities, together with decisions on launch timing, lie with Eyevance.

Eyevance has informed Nicox that the launch is currently projected anytime in H1 2020 instead of summer this year. Nicox remains eligible for up to $37.5 million in milestones payable on Eyevance achieving pre-defined sales targets, with $30 million of these milestones being triggered by annual sales of $100 million and above. Nicox will also receive tiered royalties of 8 percent to 15 percent on future net sales of Zerviate in the U.S.