QLT (QLTI) Settles Litigation with General Hospital of Massachusetts
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QLT Inc. (NASDAQ: QLTI) today announced the settlement of its litigation with the General Hospital Corporation, doing business as Massachusetts General Hospital.
Under the terms of the settlement agreement, QLT will pay $20 million to MGH as payment in full for all past and future royalty obligations under the License Agreement between QLT and MGH, in exchange for the dismissal with prejudice of MGH's lawsuit against QLT pending in the Massachusetts District Court for violation of Massachusetts General Law Chapter 93A, sections 2 and 11. As part of the settlement, QLT and MGH have also released each other from any claims in connection with the lawsuit and certain related matters. Under the existing License Agreement, QLT was obligated to pay MGH a 0.5% royalty on Visudyne sales in the U.S. and Canada.
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