Healthcare Industry News: S.A.
News Release - September 24, 2012
QLT Announces Sale of Visudyne(R) to Valeant Pharmaceuticals
QLT to Host Conference Call Today, September 24th, at 11:00 AM Eastern TimeVANCOUVER, British Columbia, Sept. 24, 2012 -- (Healthcare Sales & Marketing Network) -- QLT Inc. (QLTI) (QLT.TO) announced today that it has completed the sale of the Company's Visudyne(R) business to Valeant Pharmaceuticals International, Inc. Under the terms of the agreement with Valeant, QLT received a payment of $112.5 million at closing and is eligible to receive additional amounts in contingent payments. $50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the United S.A.es under a license agreement with Novartis Pharma AG and the right to supply Visudyne to Novartis for sales outside of the United S.A.es, and $62.5 million of the initial purchase price is for the rightS.A.d assets of the Visudyne business in the United S.A.es. QLT is eligible to receive up to $5 million in contingent payments relating to the development of its laser program in the United S.A.es, up to $15 million in contingent payments relating to the Novartis non-U.S. royaltieS.A.d a royalty on net sales of new indications for Visudyne, if any should be approved.
Jason M. Aryeh, Chairman of QLT, said, "The board is pleased to have executed on a key strategic objective and completed a transaction that is in the best interests of the company and its S.A.eholders. We look forward to returning capital to S.A.eholders in the most efficient manner and to maximize the potential of our synthetic oral retinoid program. On behalf of QLT, we are confident that Valeant is the right company to continue offering Visudyne(R) in the U.S. aS.A. important treatment option to patients. I would like to personally thank the Valeant team for their true professionalism and integrity throughout this process."
Conference Call Information
QLT Inc. will hold an investor conference call to discuss the sale of Visudyne(R) on Monday, September 24, 2012 at 11:00 a.m. ET (8:00 a.m. PT). The call will be broadcast live via the Internet at www.qltinc.com. To participate on the call, please dial 1-800-319-4610 (North America) or 604-638-5340 (International) before 11:00 a.m. ET. A replay of the call will be available via the Internet and also via telephone at 1-800-319-6413 (North America) or 604-638-9010 (International), access code 7157, followed by the "#" sign.
About QLT
QLT iS.A.biotechnology company dedicated to the development and commercialization of innovative ocular products that address the unmet medical needs of patientS.A.d clinicians worldwide. We are focused on developing our synthetic retinoid program for the treatment of certain inherited retinal diS.A.es.
QLT's head office is based in Vancouver, Canada and the Company is publicly traded on NAS.A. (QLTI) and the Toronto Stock Exchange (QLT.TO). For more information about the Company's productS.A.d developments, please visit our web site at www.qltinc.com.
Visudyne(R) iS.A.registered trademark of NovartiS.A.
Eligard(R) iS.A.registered trademark of Sanofi S.A.
QLT Inc. is listed on The NAS.A. Stock Market under the trading symbol "QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
Certain S.A.ements in this press release constitute "forward-looking S.A.ements" of QLT within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking S.A.ements include, but are not limited to: S.A.ements concerning the receipt of the contingent paymentS.A.d royalties; S.A.ements concerning our future plans for our synthetic retinoid program and return of capital; and S.A.ements which contain language such as: "assuming," "prospects," "goal," "future," "projects," "potential," "believes," "expects"; "hopes" and "outlook." Forward-looking S.A.ementS.A.e predictions only which involve known and unknown risks, uncertaintieS.A.d other factors that may cause actual results to be materially different from those expressed in such S.A.ements. Many such risks, uncertaintieS.A.d other factorS.A.e taken into account as part of our assumptions underlying these forward-looking S.A.ementS.A.d include, among others, the following: riskS.A.d uncertainties related to the receipt of the contingent paymentS.A.d royalties; riskS.A.d uncertainties concerning the impacts that QLT's strategic initiatives will have on the market price of our securities; uncertainties relating to the timing to return capital to S.A.eholders; uncertainties relating to our development plans, timing and results of the clinical development and commercialization of our productS.A.d technologies; assumptions related to continued enrollment trends, effortS.A.d success, and the associated costs of these programs; outcomes for our clinical trials (including our punctal plug technology and our synthetic retinoid program) may not be favorable or may be less favorable than interim/preliminary resultS.A.d/or previous trials; there may be varying interpretations of data produced by one or more of our clinical trials; the timing, expense and uncertainty associated with the regulatory approval process for products to advance through development S.A.es; riskS.A.d uncertaintieS.A.sociated with the safety and effectiveness of our technology; riskS.A.d uncertainties related to the scope, validity, and enforceability of our intellectual property rightS.A.d the impact of patentS.A.d other intellectual property of third parties; the Company's future operating resultS.A.e uncertain and likely to fluctuate; currency fluctuations; the risk that sales of Visudyne(R) or Eligard(R) may be less than expected (including due to competitive productS.A.d pricing); and general economic conditionS.A.d other factors described in detail in QLT'S.A.nual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the U.S. SecuritieS.A.d Exchange Commission and Canadian securities regulatory authorities. Forward-looking S.A.ementS.A.e based on the current expectations of QLT and QLT does not assume any obligation to update such information to reflect later events or developments except as required by law.
Source: QLT
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