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QLT Inc. announces that it has completed sale of verteporfin for injection (Visudyne) to Valeant Pharmaceuticals International Inc.
Montreal-Valeant Pharmaceuticals International Inc. has acquired verteporfin for injection (Visudyne) from QLT Inc. Verteporfin is used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration (AMD).
Valeant paid $62.5 million upfront for all U.S. rights and available inventories for verteporfin and another $50 million upfront for rights to non-U.S. royalties on verteporfin sales. QLT is eligible to receive up to $5 million in contingent payments relating to the development of its laser program in the United States, up to $15 million in contingent payments relating to the Novartis non-U.S. royalties and a royalty on net sales of new indications for verteporfin, if any should be approved.
“We are excited about the opportunity to add a complementary product to our growing ophthalmology business,” said J. Michael Pearson, chairman and chief executive officer, Valeant. “We are pleased to add a product that retinal specialists around the county can use as an adjunctive to products like [pegaptanib for injection] to improve treatment options.”
Jason M. Aryeh, chairman of QLT, said, “On behalf of QLT, we are confident that Valeant is the right company to continue offering [verteporfin] in the [United States] as an important treatment option to patients.”
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