QLT is selling noncore assets as part of restructuring efforts, which commenced earlier this year.
QLT is transfering rights covering an acne vulgaris treatment to a subsidiary of Allergan for roughly $150 million. Aczone® is a topical medicine approved in the U.S. and Canada.
“The divestment of Aczone is a major milestone for QLT, and this transaction demonstrates that our persistence in completing the work needed to remove the blood-monitoring restriction from the Aczone label in the United States provided significant value for our shareholders,” remarks Bob Butchofsky, president and CEO of QLT. “This transaction is the second in a series of planned asset sales that, once completed, we expect will enable us to return meaningful proceeds to our shareholders.”
The Aczone asset purchase agreement is the second agreement entered into by the company to divest noncore assets since it announced its strategic restructuring in January. Last month, the company signed a sale and purchase agreement to sell the land and building comprising its corporate headquarters. Other assets offered for sale from QLT include Eligard and the Atrigel drug delivery system.
