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QLT offloads acne drug in US$150 million deal as Vancouver biotech continues restructuring |
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Tuesday, 15 July 2008 |
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QLT Inc. (TSX:QLT; Nasdaq:QLTI) has sold its Aczone topical acne treatment to a subsidiary of California-based Allergan Inc. for US$150 million. The deal is part of the Vancouver biotech's sale of non-core assets as it restructures its business. In mid-May, QLT announced it had sold its corporate headquarters building and adjacent undeveloped land. QLT said it's still looking for buyers for its Eligard prostate cancer drug and its Atrigel drug delivery system. In January, it announced it was cutting 45% of its workforce, a move that affected 115 staff in Canada and in the U.S. QLT's share price range during the past week: between $3.30 and $3.60; 52-week high: $7.98; 52-week low: $2.32.
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