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"We are very pleased that our strategic efforts to divest non-core assetshave produced a transaction that we believe will enhance shareholder value,"said Bob Butchofsky, President and Chief Executive Officer. "Our efforts tomaximize shareholder value are our highest priority and we continue toaggressively pursue the divestiture of several other assets and focus ourattention on programs that we believe will be sources of significant value forQLT's shareholders."
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The sale and purchase agreement has been approved by the QLT board ofdirectors. The transaction is subject to a number of closing conditionsincluding: the completion of satisfactory physical, economic and environmentaldue diligence on the properties, receipt of title opinions, agreement on theform of lease with respect to QLT's tenancy, and the purchaser having obtainedacceptable financing. Provided the closing conditions are removed within thetime period provided under the sale and purchase agreement, closing of thetransaction is expected to occur by mid-August. Due to the conditional natureof the agreement, there can be no assurance that the transaction will close ascontemplated.
About QLT
QLT Inc. is a global biopharmaceutical company dedicated to the discovery,development and commercialization of innovative therapies. Our research anddevelopment efforts are focused on pharmaceutical products in the fields ofophthalmology and dermatology. In addition, we utilize three unique technologyplatforms, photodynamic therapy, Atrigel(R) and punctal plugs with drugs, tocreate products such as Visudyne(R) and Eligard(R) and future productopportunities. For more information, visit our web site at www.qltinc.com.
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 factsconstitute "forward-looking statements" of QLT within the meaning of thePrivate Securities Litigation Reform Act of 1995 and constitute"forward-looking information" within the meaning of applicable Canadiansecurities laws. Such statements include, but are not limited to: statementsrelating to the closing of the transactions contemplated in the sale andpurchase agreement and the anticipated timing for this; our intention to leasespace in the building concurrent with closing of the transaction; statementsrelating to maximizing shareholder value; our plans to divest certain QLT USAassets; statements relating to our re-focus on programs that we believe willderive significant value for shareholders; and other statements that are nothistorical facts. Forward-looking statements are predictions only whichinvolve known and unknown risks, uncertainties and other factors that maycause actual results to be materially different from those expressed in suchstatements. Factors that could cause actual events or results to differmaterially include, but are not limited to: the Company's ability tosuccessfully complete the sale of one or more of the assets or operations atan acceptable price and the time period necessary to complete such sales areuncertain; there can be no assurance that the pending sale of real estateand/or the lease back transaction will close in the time frame anticipated orat all; uncertainties associated with fluctuations in the real estate andfinancial markets; and other factors, including those described in detail inQLT's Annual Report on
