NicOX signs licensing deal with Pfizer

French drugmaker NicOX, says that its shareholders have approved a 15.0 million euro ($19.4 million) equity investment from global pharmaceutical giant Pfizer. The investment forms part of the deal that the two firms agreed in March of this year, under which the former licenses Pfizer exclusive rights to utilize its proprietary nitric oxide donating technology for the development of products for use in the ophthalmology market.

The investment, which was approved by NicOx shareholders at an extraordinary meeting held earlier this month, involves the issuance of 1,350135 new shares at a subscription price of 11.11 euros per share. Following the completion of the deal, which was scheduled to take place on June 9, the newly-issued shares will represent 3.68% of the issued share capital in the French company.

So far, NicOx said that it has received an upfront fee of 8.0 million euros, and added that the agreement could earn it up to 300.0 million euros based on the achievement of developmental milestones and royalties from future product sales.