QLT (QLTI) Completes $112.5M Sale of Visudyne to Valeant (VRX)
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QLT Inc. (Nasdaq: QLTI) (TSX: QLT) announced today that it has completed the sale of the Company's Visudyne business to Valeant Pharmaceuticals International, Inc (NYSE: VRX).
Under the terms of the agreement with Valeant, QLT received a payment of $112.5 million at closing and is eligible to receive additional amounts in contingent payments. $50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the United States under a license agreement with Novartis Pharma AG and the right to supply Visudyne to Novartis for sales outside of the United States, and $62.5 million of the initial purchase price is for the rights and assets of the Visudyne business in the United States. QLT is eligible to receive up to $5 million in contingent payments relating to the development of its laser program in the United States, up to $15 million in contingent payments relating to the Novartis non-U.S. royalties and a royalty on net sales of new indications for Visudyne, if any should be approved.
Under the terms of the agreement with Valeant, QLT received a payment of $112.5 million at closing and is eligible to receive additional amounts in contingent payments. $50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the United States under a license agreement with Novartis Pharma AG and the right to supply Visudyne to Novartis for sales outside of the United States, and $62.5 million of the initial purchase price is for the rights and assets of the Visudyne business in the United States. QLT is eligible to receive up to $5 million in contingent payments relating to the development of its laser program in the United States, up to $15 million in contingent payments relating to the Novartis non-U.S. royalties and a royalty on net sales of new indications for Visudyne, if any should be approved.
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