NicOx drops its option to take full ownership of Altacor

French biotechnology firm NicOx (NYSE Euronext Paris: COX) said last Friday that its board of directors has unanimously decided at its May 31 meeting not to exercise the company’s option to acquire the remaining 88.2% of equity of privately-held UK ophthalmology company Altacor.

NicOx acquired 11.8% of the equity of Altacor for a consideration of £2 million ($3.1 million) in cash, with the option to buy the remainder for a further £9 million to be paid in NicOx shares, cash or a combination of cash and shares (The Pharma Letter March 22). Accordingly, the option to acquire the remaining shares of Altacor lapsed on May 31, 2012.

NicOx’ board deemed that it was not in the best interest of NicOx and its shareholders to acquire the remaining 88.2% of equity of Altacor at this stage. NicOx will retain a stake of 11.8% in Altacor and Gavin Spencer, executive vice president, corporate development of NicOx, will continue to be a member of Altacor's board of directors. NicOx said it remains fully committed to its strategy of building a specialist international ophthalmology company focused on therapeutics, diagnostics and medical devices.