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United States : NICOX agrees to buy all the outstanding equity of ACIEX THERAPEUTICS

July 8, 2014



Nicox S.A. declared that it has agreed to buy all of the outstanding equity of US-based Aciex Therapeutics.

Aciex Therapeutics is a private ophthalmic development pharmaceutical company with a pipeline of therapeutics addressing the ophthalmic market, including allergy and inflammation.

As per the proposed acquisition, Nicox will buy all outstanding shares of Aciex on a cash-free, debt-free basis through a reverse triangular merger, governed by U.S. laws and regulations.

Aciex shareholders will receive an upfront payment of $65 million entirely in the form of 20,627,024 newly issued Nicox shares, plus contingent value rights (CVRs) giving right to Nicox shares based on the potential FDA approval(s) of AC-170 and of two additional undisclosed products within a pre-determined period.

On the other hand, Nicox s shareholders will be invited to vote on the proposed transaction at a dedicated Extraordinary General Meeting, which is expected to be held in the fall.

Michele Garufi, chairman and chief executive officer of Nicox said, This proposed acquisition is another significant step forward in Nicox s strategy of creating an international ophthalmic company built around therapeutics and diagnostics with its own commercial infrastructure in the United States and in the major European markets. Together with the expansion of our diagnostics franchise, this acquisition further enhances our ability to create a unique company with a transatlantic commercial presence as well as a diversified proprietary product portfolio.

The acquisition will significantly broaden and strengthen the company s therapeutic development pipeline, which would include two phase III candidates latanoprostene bunod, currently being developed by Nicox s partner Bausch + Lomb, and Aciex s AC-170 for allergic conjunctivitis, said Nicox.

The acquisition is subject to the approval of Nicox s shareholders and other customary conditions.


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Source: TendersInfo (India)


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