QLT Inc. (QLTI) Completes Sales of QLT USA
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QLT Inc. (NASDAQ: QLTI) announced that its wholly-owned subsidiary, QLT USA, Inc., has completed the sale of QLT USA's generic dermatology and manufacturing business located in Fort Collins, Colorado to Tolmar Inc., a private pharmaceutical company.
The purchase price is US$21 million, subject to customary post-closing adjustments, 60% of which was paid in cash at closing and the balance will be paid in two equal cash installments before the end of the first quarter of 2007. There will be an additional US$1 million payment if commercial orders for Aczone(TM) are produced in the Fort Collins plant.
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