VANCOUVER, July 14 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) today
announced that QLT USA, Inc., its wholly-owned subsidiary, completed the sale
of its Aczone(R) (dapsone) Gel 5% product, a topical treatment for acne
vulgaris, to Allergan Sales, LLC, a wholly-owned subsidiary of Allergan, Inc.
(NYSE: AGN). As a result of the transaction, QLT USA received a one-time cash
payment of USD$150 million.
"We are very pleased to be reporting the completion of our previously
announced Aczone(R) divestment ahead of schedule," said Bob Butchofsky,
President and Chief Executive Officer of QLT. "Our ability to deliver on the
sale of Aczone(R), in addition to the agreement to sell QLT's Vancouver
headquarters, demonstrates our dedication and ability to achieve our
restructuring objectives. Additionally, we remain focused on the divestment
process for Eligard(R) and the Atrigel(R) drug delivery system and hope to
sign agreements for these assets in the near-term."
The Aczone(R) asset purchase agreement is the second agreement entered
into by the Company to divest non-core assets since it announced its strategic
restructuring earlier this year. Other assets offered for sale from QLT USA
include Eligard(R) and the Atrigel(R) drug delivery system. In addition, on
May 15, QLT announced that it had signed a sale and purchase agreement to sell
the land and building comprising its corporate headquarters and an adjacent
undeveloped parcel of land in Vancouver, British Columbia. Provided the
closing conditions are removed within the time period provided under the sale
and purchase agreement, the transaction is expected to close by mid-August.
Goldman, Sachs & Co. acted as financial advisor to QLT in connection with
Aczone(R) is an aqueous topical gel containing 5% dapsone for the
treatment of acne vulgaris. Combining dapsone in the proprietary Solvent
Microparticulate (SMP(TM)) gel enables dapsone to be applied topically and
QLT Inc. is a global biopharmaceutical company dedicated to the
discovery, development and commercialization of innovative therapies. Our
research and development efforts are focused on pharmaceutical products in the
fields of ophthalmology and dermatology. In addition, we utilize three unique
technology platforms, photodynamic therapy, Atrigel(R) and punctal plugs with
drugs, to create products such as Visudyne(R) and Eligard(R) and future
product opportunities. For more information, visit our web site at
About Allergan, Inc.
Founded in 1950, Allergan, Inc., with headquarters in Irvine, California,
is a multi-specialty health care company that discovers, develops and
commercializes innovative pharmaceuticals, biologics and medical devices that
enable people to live life to its greatest potential - to see more clearly,
move more freely, express themselves more fully. The Company employs more than
8,000 people worldwide and operates state-of-the-art R&D facilities and
world-class manufacturing plants. In addition to its discovery-to-development
research organization, Allergan has global marketing and sales capabilities
with a presence in more than 100 countries. For more information, visit
Allergan's web site at www.allergan.com.
QLT Plug Delivery, Inc. is a wholly-owned subsidiary of QLT Inc.
Aczone and Atrigel are both registered trademarks of QLT USA, Inc.
Visudyne is a registered trademark of Novartis AG. Eligard is a
registered trademark of Sanofi-aventis.
QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
Certain statements in this press release that are not historical facts
constitute "forward-looking statements" of QLT within the meaning of the
Private Securities Litigation Reform Act of 1995 and constitute
"forward-looking information" within the meaning of applicable Canadian
securities laws. Such statements include, but are not limited to: our
statements related to the proposed divestment of our real estate, including
our expectations as to the closing of the transaction and the timing therefor;
our plans to divest certain other non-core assets described in the press
release; and statements which contain language such as "expects," "will,"
"plans," "potential," "hope," "intends," "believes" and similar expressions
that do not relate to historical matters. Forward-looking statements are
predictions only which involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially different from
those expressed in such statements. Factors that could cause actual events or
results to differ materially include, but are not limited to: the risk that
the proposed divestment of our real estate does not close due to closing
conditions not being satisfied or for any other reason, and the timing of any
such closing is uncertain; the Company's ability to successfully complete the
sale of one or more of the other assets or operations at an acceptable price
and the time period necessary to complete such sales are uncertain;
fluctuations in the real estate market; and other factors, including those
described in detail in QLT's Annual Report on Form 10-K, quarterly reports on
Form 10-Q and other filings with the U.S. Securities and Exchange Commission
and Canadian securities regulatory authorities. Forward-looking statements are
based on the current expectations of QLT and QLT does not assume any
obligation to update such information to reflect later events or developments
except as required by law.
For further information:
For further information: QLT Inc.: Vancouver, Canada, Therese Hayes,
Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001; The Trout
Group: New York, USA, Brandon Lewis, Telephone: (646) 378-2915; or Marcy
Strickler, Telephone: (646) 378-2927