* QLT-Novartis restructure partnership agreement
* QLT to get rights to sell and market Visudyne in US
* Novartis to have rights outside US
Oct 19 Canadian eye-care company QLT Inc
QLT.TO QLTI.O said it restructured its pact with Novartis
Pharma AG NOVN.VX, giving it exclusive rights to sell
anti-blindness treatment Visudyne in the United States.
The company, which shares revenue from Visudyne sales with
global marketing partner Novartis, said it will also have
rights to all end-user revenue derived from Visudyne sales in
Novartis will have marketing and sales rights in all
countries outside of the United States, the company said.
Novartis will also pay QLT a royalty of 20 percent of ex-US
net sales until 2014, and thereafter pay 16 percent of ex-US
net sales until 2019.
"This restructure will allow us to directly influence
Visudyne sales in the U.S. by establishing a small focused
sales force centered on retinal specialists," QLT's Chief
Executive Bob Butchofsky said.
As part of the agreement, QLT and Novartis have released
each other from all open claims, including QLT's litigation
with Massachusetts Eye and Ear Infirmary and General Hospital
Corp, the company said in a statement.
Shares of QLT, which have gained about 71 percent in last
three months, closed at C$4.10 Friday on the Toronto Stock
(Reporting by Ashutosh Joshi in Bangalore; Editing by Anil