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NicOx S.A. (NYSE Euronext Paris: COX) today announces that its Board of Directors unanimously decided at its May 31, 2012 meeting not to exercise NicOx’s option to acquire the remaining 88.2% of equity of Altacor.
NicOx acquired 11.8% of the equity of Altacor in March 2012. Accordingly, the option to acquire the remaining shares of Altacor lapsed on May 31, 2012.
NicOx’s Board deemed that it was not in the best interests 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 remains fully committed to its strategy of building a specialist international Ophthalmology Company focused on therapeutics, diagnostics and medical devices.
Michele Garufi, Chairman and Chief Executive Officer of NicOx, commented: “As a key shareholder, we remain interested in Altacor and we will continue to follow their evolution with interest. At the same time, we are very committed to pursuing our negotiations to in-licence or acquire businesses and products that will enable us to build a commercial presence in the main European markets and in the US. We will update the market as soon as any of the ongoing negotiations are finalised.”