News | Pharmaceuticals & Life Sciences

SJ Berwin LLP Advises NicOx S.A on Major Ophthalmology Agreement with Pfizer Inc

Monday 27th March 2006

SJ Berwin today announced that it has advised NicOx S.A, the emerging pharmaceutical research company listed on Eurolist, on a major agreement with the world's largest pharmaceutical company, Pfizer Inc. The agreement grants Pfizer exclusive rights to certain NicOx technology, across a broad range of eye diseases. Such diseases, some of which currently have no effective treatment, affect millions of people worldwide and can lead to impaired vision or total blindness.

The agreement, which takes the form of a Research, Option, Development and Licence Agreement, provides for total potential milestone payments in excess of €300 million, after payments of €23 million in the first year of the collaboration, of which €15 million will be in the form of an equity investment (subject to NicOx shareholder approval).

Additionally, NicOx will receive royalties in-line with industry standards on all marketed products which result from the development

The agreement gives Pfizer the option to obtain an exclusive worldwide license to develop and commercialize compounds resulting from a research program conducted under the management of a joint steering committee in the field of ophthalmology

Pfizer will manage and fund the subsequent clinical development of selected compounds.

Milestone payments in excess of €102 million would arise from the successful development and launch of the first program compound

If the companies identify a potential indication outside ophthalmology for a compound developed within the program, Pfizer has first option on its development and commercialization and, if that option is exercised, NicOx would be eligible to receive additional potential milestone payments of up to €194.3 million

Andrew Shindler, a partner in SJ Berwin's Pharmaceutical Group, who has acted for NicOx since its formation and advised it on the agreement commented: "We are pleased to have advised NicOx on its second major licensing agreement with Pfizer

This is the latest in a series of international collaborations we have concluded for NicOx with large and medium size pharmaceutical companies over the last six or seven years

This was perhaps the most complicated deal of them all, given its breadth, the complexity of the research, development and option arrangements and the need to avoid conflict with other collaborations.  We hope the deal will be commercially successful for both parties and of significant benefit to future patients.  The collaborative approach of the parties on both deals ensured a smooth resolution of the complex legal and commercial issues involved.  As ever, it was a pleasure working with all at NicOx."

Damian Marron, NicOx's Vice President Corporate Development, added "this is a landmark deal for NicOx and one of the largest deals of its type in the biopharmaceutical industry. Deals like this are inevitably very complex and the input of Andrew Shindler and his team at SJ Berwin has been instrumental in the successful negotiation and closing of this agreement. We look forward to working in the future with Andrew and his team on further deals, which form a core part of NicOx business."

 

Aline Cardin, of Shearman & Sterling LLP, Paris, advised NicOx on the equity investment.Pfizer was represented by its in-house legal team.

For further information please contact:

Andrew Shindler, Partner on +44 (0)20 7111 2638, email andrew.shindler@sjberwin.com
Helen MacRae, Business Development Manager on +44 (0)20 7111 2903, email helen.macrae@sjberwin.com


Notes:

SJ Berwin LLP

SJ Berwin has a very active and highly rated Pharmaceutical Group advising on a wide range of legal issues from licensing in and out of pharmaceutical products; advising on and drafting R&D and distribution agreements; contentious and non-contentious intellectual property related work, pharmaceutical regulatory law (in particular the application of EU pharmaceutical legislation, and anti-trust and unfair competition); product liability claims, and a wide spectrum of associated corporate and commercial advice relating to the pharmaceutical world.

NicOx S.A

·         NicOx S.A is an emerging pharmaceutical company involved in the research and development of nitric oxide-donating drugs with superior efficacy and safety profiles in the inflammation, pain and cardiovascular therapeutic areas.

·         NicOx seeks to commercialise its products through partnerships and co-development agreements where it maintains future marketing rights for specialist products.

·         NicOx S.A (Bloomberg: COX:FP, Reuters: NCOX.LN), headquartered in Sophia-Antipolis, France is a public company listed on the Nouveau Marche of Eurolist Parits (segment: Next Economy).  

 
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