PARIS (Reuters) - Shares in France’s Nicox jumped on Friday after the pharmaceutical firm said it had notified Bausch + Lomb, a division of Valeant Pharmaceuticals, that it would exercise its option to co-promote eye drug latanoprostene bunod in the United States.
Latanoprostene bunod is a drug in late-stage clinical trials designed for the treatment of glaucoma and ocular hypertension, which was licensed by Nicox to Bausch + Lomb in 2010.
Nicox and B+L will now start negotiating a co-promotion agreement which will be signed at a later stage, Nicox said in a statement on Friday.
By 0944 GMT, Nicox shares were 7.8 percent higher at 1.90 euros, in volumes representing 2.7 times their average daily volume of the past three months.
Valeant has said it expects first results from Phase III clinical trials for the drug in the third quarter and that the treatment, if approved by the Food and Drug Administration (FDA), could be launched in the United States in 2016.
Reporting by Natalie Huet and Alexandre Boksenbaum-Granier; Editing by Stephen Coates and Andrew Callus