Cambridge-based Altacor, a specialist ophthalmic products company, has welcomed an agreement with NicOx S.A. Under the terms of the agreement NicOx is investing £2 million in cash to acquire an initial 11.8% stake in Altacor with an option to acquire the remainder of the company for up to a further £17.5m which comprises £9m upfront and £8.5m in deferred milestones.
Altacor was established in 2007 by Dr Fran Crawford and Mr David Alcraft to develop and market a range of high quality treatments for ocular conditions such as glaucoma, eye infection and dry eye. It has products, pipeline and relationships in place and will advance this significantly following the agreement with NicOx.
Dr Fran Crawford, CEO of Altacor, said: “Altacor and NicOx have developed a strong working relationship. The companies are strategically well aligned, both having similar perspectives on the emerging ophthalmology market.
“We therefore believe NicOx is an excellent partner for Altacor and the investment announced today will enable us to secure the development of the portfolio. NicOx’s R&D and partnering expertise will be of significant benefit as we progress our late-stage pipeline.”