Valeant gets hold of QLT's Visudyne assets

QLT has completed the sale of its Visudyne (verteporfin for injection) business to Valeant Pharmaceuticals International. Visudyne is a photodynamic therapeutic treatment approved worldwide for certain forms of wet age-related macular degeneration.

Under the terms of the agreement, QLT received a payment of C$112.5 million at closing and is eligible to receive additional amounts in contingent payments. In total, C$50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the US under a licence agreement with Novartis and the right to supply Visudyne to Novartis for sales outside of the US; and C$62.5 million of the initial purchase price is for the rights and assets of the Visudyne business in the US. QLT is eligible to receive up to C$5 million in contingent payments relating to the development of its laser programme in the US, up to C$15 million in contingent payments relating to the Novartis non-US royalties and a royalty on net sales of new indications for Visudyne, if any should be approved.

Valeant gets hold of QLT's Visudyne assets

QLT has completed the sale of its Visudyne (verteporfin for injection) business to Valeant Pharmaceuticals International. Visudyne is a photodynamic therapeutic treatment approved worldwide for certain forms of wet age-related macular degeneration.

Under the terms of the agreement, QLT received a payment of C$112.5 million at closing and is eligible to receive additional amounts in contingent payments. In total, C$50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the US under a licence agreement with Novartis and the right to supply Visudyne to Novartis for sales outside of the US; and C$62.5 million of the initial purchase price is for the rights and assets of the Visudyne business in the US. QLT is eligible to receive up to C$5 million in contingent payments relating to the development of its laser programme in the US, up to C$15 million in contingent payments relating to the Novartis non-US royalties and a royalty on net sales of new indications for Visudyne, if any should be approved.

×

Enter your details to read the full article

By submitting this form you are acknowledging that you have read and understood our Privacy Policy.