QLT Inc. (QLTI) Announces Simplified Novartis Pharma (NVS) Relationship; Will Have Exclusive Visudyne Rights
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QLT Inc. (NASDAQ: QLTI) today announced that it has restructured its agreement with Novartis Pharma AG (NYSE: NVS) to simplify the relationship.
Effective January 1, 2010, it will, among other things, receive exclusive U.S. rights to the Visudyne patents to sell and market Visudyne in the U.S. Visudyne, a photosensitizer co-developed with Novartis, is approved worldwide for the treatment of a form of wet age-related macular degeneration, the leading cause of legal blindness in people over the age of 55 in North America and Europe.
Additionally, QLT will have exclusive U.S. sales and marketing rights to Visudyne, including rights to all end-user revenue derived from Visudyne sales in the U.S. Novartis will have marketing and sales rights in all countries outside of the U.S. and will pay QLT a royalty of 20% of ex-US net sales until December 31, 2014, and thereafter 16% of non-US net sales until the expiry of the Amended PDT Agreement on December 31, 2019. QLT will continue to manufacture Visudyne and will supply the product at a pre-specified price exclusively to Novartis for ex-US distribution. QLT and Novartis will each be responsible for all costs and expenses associated with marketing and sales in their respective territories.
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