Key Developments: QLT Inc (QLTI.O)
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Latest Key Developments (Source: Significant Developments)
QLT Inc Proposes USD200 Million Special Cash Distribution
QLT Inc announced that Board of Directors has approved a special cash distribution to QLT's shareholders in the amount of USD200 million, by way of a reduction of the paid-up capital of the Company's shares, resulting in the return of approximately USD3.95 per share (the Cash Distribution) based upon the current number of issued and outstanding shares of the Company. The Company will be able to make the Cash Distribution to shareholders without Canadian withholding taxes of up to 25% being payable, pursuant to an Advance Tax Ruling received from Canadian tax authorities. The Cash Distribution is subject to shareholder approval by way of a special resolution to be sought at the Company's annual and special meeting of shareholders scheduled to be held on June 14, 2013. The final amount of the Cash Distribution per share will be determined based upon the number of issued and outstanding shares on the record date for the distribution, which is expected to be on or about June 24, 2013 (the Record Date). If the Cash Distribution is approved by shareholders at the Meeting, it is expected that the Cash Distribution will be paid to shareholders of record on the Record Date on or about June 25, 2013. Full Article
QLT Inc Completes Sale Of Punctal Plug Technology To Mati Therapeutics
QLT Inc announced that it has completed the sale of the Company's punctal plug drug delivery system (PPDS) technology (Technology) to Mati Therapeutics Inc. (Mati). As previously reported, on December 24, 2012, the Company entered into an exclusive option agreement with Mati under which QLT granted Mati a 90-day option to acquire assets related to QLT's PPDS Technology in exchange for $500,000. On April 3, 2013, following Mati's exercise of the option, the Company and Mati entered into an asset purchase agreement and completed the sale of the PPDS Technology to Mati. Under the terms of the asset purchase agreement, QLT received an additional payment of $750,000 at closing and is eligible to receive potential payments upon the satisfaction of certain product development and commercialization milestones that could reach $19.5 million (or exceed that amount if more than two products are commercialized), a low single digit royalty on world-wide net sales of all products using or developed from the PPDS Technology and a fee on payments received by Mati in respect of the PPDS Technology other than net sales. Full Article
QLT Inc Announces Reduction In Force
QLT Inc announced a 42% reduction of its workforce to better align its resources with the Company's corporate objectives following the recent sale of Visudyne to Valeant Pharmaceuticals International, Inc. (Valeant). QLT expects to record a restructuring charge of approximately $2.0 million relating to this reduction in force. The Company also expects the reorganization to result in approximately $3.8 million in reduced annualized expenses once the reduction is fully implemented in the first half of 2013. The affected employees will leave the Company during the first half of 2013, the majority of which will coincide with the completion of various transition services provided to Valeant under the Transition Services Agreement entered into in September 2012 between QLT and Valeant in connection with the sale of QLT's Visudyne business to Valeant. Full Article
QLT Inc No Longer Provides Revenue Guidance; Updates FY 2012 EBITDA Guidance
QLT Inc announced that as a result of the sale of Visudyne business, it is no longer providing guidance on revenues and cost of sales. The Company updated guidance for fiscal 2012 and expects adjusted EBITDA from continuing operations plus contingent consideration earned for the sale of QLT USA to be in the range of negative $7 million to negative $2 million for the current fiscal year. Adjusted EBITDA from continuing operations plus contingent consideration earned for the sale of QLT USA through nine months was negative $1.3 million. Full Article
Valeant Pharmaceuticals International Inc Acquires Visudyne From QLT Inc
Valeant Pharmaceuticals International Inc announced that it has acquired Visudyne, used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration, from QLT Inc. Valeant paid $62.5 million upfront for all U.S. rights and available inventories for Visudyne. Valeant has also agreed to pay an additional $5 million in contingent payments relating to the development of QLT's laser program in the United States and up to $15 million in contingent payments relating to the non-U.S. royalties. Full Article
QLT Inc Announces Management Change-Form 8-k
QLT Inc. reported in its Form 8-K that Robert Butchofsky will cease to be the Company’s President and Chief Executive Officer effective August 2, 2012. In connection with Mr. Butchofsky’s departure, the Board has formed an Executive Transition Committee composed of its Chairman Jason M. Aryeh, and Directors Dr. Vicente Anido, Jr., Jeffery Meckler and Dr. John Kozarich to lead the Company until a permanent Chief Executive Officer is appointed. Jason M. Aryeh, Chairman of the Board, will serve as Chairman of the Committee. The Company is seeking a new Chief Executive Officer to succeed Mr. Butchofsky. Full Article
QLT Inc. Lowers FY 2012 Revenue Guidance
QLT Inc. announced that for fiscal 2012, it expects total revenue to be in the range of $31-$36 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $38 million for fiscal 2012. Full Article
QLT Inc. Plans To Cut Workforce-Reuters
Reuters reported that QLT Inc. plans to cut 68% of its workforce and find a new Chief Executive. The Company's new board, plans to sell or spin off parts of the company, return $100 million in capital to shareholders and focus on developing a treatment for several eye diseases that can cause blindness. The Company would slash 146 jobs and continue with a workforce of 68. The restructuring will result in a charge of about $15 million to $19 million. Full Article
QLT Inc. Names Aryeh As Chairman-Canada Stockwatch News
Canada Stockwatch News reported that QLT Inc.'s Board appointed Mr. Aryeh as Chairman of the Board of Directors of QLT. Full Article
QLT's experimental eye drug could be worth "hundreds of millions"
- Canadian eye drug developer QLT Inc's synthetic retinoid program, an experimental treatment for some inherited eye diseases that can cause blindness, could be worth "hundreds of millions" of dollars, the company's chairman said.
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