Valeant Pharmaceuticals has acquired Nicox’s U.S. diagnostics subsidiary Nicox Inc. in a deal totaling up to $20 million, Nicox announced in a press release.
Under the terms of the agreement, Valeant acquired Nicox Inc. for $10 million in cash, plus additional cash payments of up to $10 million based on Valeant achieving sales benchmarks with transferred products. The deal is effective immediately.
Nicox’s operations outside the U.S. and the company’s recent purchase of Aciex Therapeutics will not be affected by the acquisition, the release said. Nicox acquired Aciex in October.
Valeant has acquired most of Nicox’s commercial infrastructure in the U.S. associated with diagnostics; Nicox has retained a cadre of U.S.-based employees focused on therapeutics.
“The decision to focus on therapeutics is due to several recent and short- to mid-term opportunities under advanced discussions. This strategic move with our long-standing partner Valeant will enable us to leverage resources for our growing pipeline of advanced drug candidates,” Michele Garufi, CEO of Nicox, said in the release.
AC-170 for allergic conjunctivitis, the first product from the Aciex pipeline, is scheduled for launch in the U.S. in 2016, contingent on U.S. Food and Drug Administration approval.