VANCOUVER, July 14 /PRNewswire-FirstCall/ - 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 topicaltreatment for acne vulgaris, to Allergan Sales, LLC, a wholly-owned subsidiaryof Allergan, Inc. (NYSE: AGN). As a result of the transaction, QLT USAreceived a one-time cash payment of USD$150 million.
"We are very pleased to be reporting the completion of our previouslyannounced Aczone(R) divestment ahead of schedule," said Bob Butchofsky,President and Chief Executive Officer of QLT. "Our ability to deliver on thesale of Aczone(R), in addition to the agreement to sell QLT's Vancouverheadquarters, demonstrates our dedication and ability to achieve ourrestructuring objectives. Additionally, we remain focused on the divestmentprocess for Eligard(R) and the Atrigel(R) drug delivery system and hope tosign agreements for these assets in the near-term."
The Aczone(R) asset purchase agreement is the second agreement enteredinto by the Company to divest non-core assets since it announced its strategicrestructuring earlier this year. Other assets offered for sale from QLT USAinclude Eligard(R) and the Atrigel(R) drug delivery system. In addition, onMay 15, QLT announced that it had signed a sale and purchase agreement to sellthe land and building comprising its corporate headquarters and an adjacentundeveloped parcel of land in Vancouver, British Columbia. Provided theclosing conditions are removed within the time period provided under the saleand purchase agreement, the transaction is expected to close by mid-August.
Goldman, Sachs & Co. acted as financial advisor to QLT in connection withthe transaction.
Aczone(R) is an aqueous topical gel containing 5% dapsone for thetreatment of acne vulgaris. Combining dapsone in the proprietary SolventMicroparticulate (SMP(TM)) gel enables dapsone to be applied topically andsafely.
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.
About Allergan, Inc.
Founded in 1950, Allergan, Inc., with headquarters in Irvine, California,is a multi-specialty health care company that discovers, develops andcommercializes innovative pharmaceuticals, biologics and medical devices thatenable people to live life to its greatest potential - to see more clearly,move more freely, express themselves more fully. The Company employs more than8,000 people worldwide and operates state-of-the-art R&D facilities andworld-class manufacturing plants. In addition to its discovery-to-developmentresearch organization, Allergan has global marketing and sales capabilitieswith a presence in more than 100 countries. For more information, visitAllergan's web site at www.allergan.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: ourstatements related to the proposed divestment of our real estate, includingour expectations as to the closing of the transactio