QLT Inc. (QLTI) to Cut Workforce by 42%
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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.
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