QLT Reaches $140M Agreement with Allergan

QLT, Inc. (NASDAQ: QLTI) announced that QLT USA, its wholly-owned subsidiary, has entered into an asset purchase agreement with Allergan (NYSE: AGN) to fully divest QLT’s worldwide rights to Aczone®, a prescription topical medicine approved in the United States and Canada for the treatment of acne vulgaris. Under the terms of the agreement, QLT will receive a one-time cash payment of approximately $140M, and is expected to close in 3Q08.

The Aczone® asset purchase agreement is the second agreement entered into by the Company to divest non-core assets since it announced its strategic restructuring earlier this year. Other assets offered for sale from QLT USA include Eligard® and the Atrigel® drug delivery system.

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