In the first step of its planned transformation into a commercial organisation, NicOx has agreed to acquire the UK-based ophthalmology company Altacor in a phased transaction that is potentially worth up to £19.5 M (US$31 M). It will initially pay £2 M (US$3 M) in cash to acquire an 11.8% stake in Altacor and it also has an exclusive call option, which must be exercised by 31 May 2012, to buy the rest of the company for £9 M (US$14 M) plus milestone payments contingent upon pipeline events.