QLT Inc. (QLTI) to Cut Workforce by 42%
- Top 10 News for 8/25 - 8/29: S&P 500's New Record; U.S. Q2 GDP Outpaces Views; Major Mergers Aplenty
- Pressure on U.S. to Update Terror Alert System After U.K. Raises Terror Threat Level
- American Airlines Group (AAL)/Orbitz Worldwide (OWW) Reach Agreement; American Airlines Back on Orbitz Sites
- FTC Requests Additional Info from Reynolds American (RAI), Lorillard (LO) on Pending Deal
- Digital Ally (DGLY) Warns Lofty CEO Expectations May Not Be Attainable
QLT Inc. (Nasdaq: QLTI) announced a 42% reduction of its workforce to better align its resources with the Company's corporate objectives following the recent sale of Visudyne® to Valeant Pharmaceuticals International, Inc. ("Valeant"). QLT expects to record a restructuring charge of approximately $2.0 million relating to this reduction in force. The Company also expects the reorganization to result in approximately $3.8 million in reduced annualized expenses once the reduction is fully implemented in the first half of 2013.
You May Also Be Interested In
- United Therapeutics (UTHR) Gains After Judge Rules Remodulin Patents are Not Invalid
- Vicon Industries (VII) Completes IQinVision Merger; Sets Special Dividend Payment Date
- Mast Therapeutics (MSTX) CMO to Depart, Replacement Named
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!