QLT acquires ForSight Newco II

Menlo Park, CA-The acquisition of Forsight Lab's spin-off company Forsight Newco II Inc., by QLT Inc., includes its proprietary ocular punctual plug drug-delivery system. Multiple product opportunities are a potential for this system including glaucoma treatment.

"We are thrilled to be working with QLT," said Hanson S. Gifford III, chairmen of Forsight labs, and president and CEO of Forsight Newco II. "QLT's team is powerfully positioned with the experience and focus to maximize the clinical impact of this platform drug-delivery technology."

Forsight Newco II's outstanding shares cost QLT $42 million on closing, including future milestone payments and royalties on net sales of products. Milestone payments are a one time $5 million payment on the initiation of a phase III clinical trial, $20 million on first commercialization of each of the first two products using Forsight Newco II's technology and $15 million on first commercialization of each subsequent product.

Closing is expected to happen early in the fourth quarter of 2007 and is subject to customary closing conditions. Once completed Forsight Newco II will be a wholly-owned subsidiary of QLT.