Biopharmaceutical company QLT Inc. (QLTI, QLT.TO), said it has completed sale of all of the shares of its U.S. subsidiary, QLT USA Inc., to Tolmar Holding Inc. for an aggregate US$230 million pursuant to a stock purchase agreement dated October 1, 2009.
The company received US$20 million on closing and will receive US$10 million on or before October 1, 2010 and up to an additional US$200 million payable on a quarterly basis. QLT USA's principal operating asset is the Eligard line of products for the treatment of prostate cancer. The Eligard line of products is currently manufactured by Tolmar, Inc., a wholly-owned subsidiary of Tolmar.
The amount will be equal to 80% of the royalties paid under the license agreements with each of Sanofi-Synthelabo Inc. and MediGene Aktiengesellschaft for the commercial marketing of Eligard in Canada, the United States and Europe until the earlier of QLT receiving the additional US$200 million or the expiry of the Stock Purchase Agreement on October 1, 2024.
In addition, under the terms of the Stock Purchase Agreement, Tolmar will pay QLT an additional amount for the shares of QLT USA equal to the balance of cash that QLT USA had on-hand at closing, substantially all of which had been reflected in QLT's consolidated balance sheet at June 30, 2009.
The company expects the net after-tax proceeds of the transaction to be approximately US$230 million, assuming the entire additional US$200 million is paid.
QLTI closed Thursday's regular trading at $3.54 down $0.16 or 4.32% on a volume of 0.416 million shares on the Nasdaq. After hours trading the stock price increased to $4.05 up $0.51 or14.41%
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