QLT Commences Breach of Contract Action Against Valeant Pharmaceuticals
December 16 2015 - 7:00AM
QLT Inc. (NASDAQ:QLTI) (TSX:QLT) (“QLT” or the “Company”) today
announced that it has filed a breach of contract lawsuit against
Valeant Pharmaceuticals International, Inc. (“Valeant”) in the
Supreme Court of British Columbia. QLT alleges that Valeant
has failed to pay the $5 Million laser earn-out milestone required
under the terms of its 2012 Asset Purchase Agreement with
Valeant.
Under the Asset Purchase Agreement, Valeant
purchased QLT’s pharmaceutical drug, Visudyne®, and also QLT’s
assets and rights in its Qcellus™ laser under development. Valeant
agreed to use commercially reasonable efforts to promptly obtain
the laser registrations necessary to commercialize the Qcellus
laser in the United States. Under the Asset Purchase
Agreement, receipt of the laser registrations by December 31, 2013
triggered a $5 Million milestone payment and receipt of the laser
registrations between January 1, 2014 and January 1, 2015 triggered
a $2.5 Million milestone payment. In September 2013, the
supplemental Premarket Approval for the Qcellus laser in the United
States was received, which QLT alleges triggered the $5 Million
milestone. Valeant has refused to pay the $5 Million.
QLT seeks to recover damages of $5 Million and
also claims failure of Valeant to use commercially reasonable
efforts to promptly obtain laser registrations for the Qcellus
laser in the United States.
About QLT
QLT is a biotechnology company dedicated to the
development and commercialization of innovative ocular products
that address the unmet medical needs of patients and clinicians
worldwide. We are focused on developing our synthetic retinoid
program for the treatment of certain inherited retinal
diseases.
QLT’s head office is based in Vancouver, Canada
and the Company is publicly traded on NASDAQ Stock Market (symbol:
QLTI) and the Toronto Stock Exchange (symbol: QLT). For more
information about the Company’s products and developments, please
visit our website at www.qltinc.com.
QLT Inc. Contacts:
For Investors:
Andrea Rabney or David PittsArgot PartnersP:
212-600-1902andrea@argotpartners.comdavid@argotpartners.com
For Media:
Chuck Burgess or Mike PascaleAbernathy
MacGregorP:212-371-5999clb@abmac.commmp@abmac.com
Visudyne® is a registered trademark of Novartis AGQcellus™ is a
trademark of Valeant Pharmaceuticals International, Inc.
Certain statements in this press release
constitute “forward-looking statements” of QLT within the meaning
of the Private Securities Litigation Reform Act of 1995 and
constitute “forward-looking information” within the meaning of
applicable Canadian securities laws. Forward-looking statements
include statements which contain language such as: “assuming,”
“prospects,” “goal,” “future” “projects,” “potential,” “could,”
“believes,” “expects”; “hopes” and “outlook.” Forward-looking
statements are predictions only which involve known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed in such
statements. Many such risks, uncertainties and other factors are
taken into account as part of our assumptions underlying these
forward-looking statements and include, among others, the following
risks, uncertainties and other factors: the effect that QLT’s
announcements and actions will have on the market price of our
securities; factors described in detail in QLT’s Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and other filings with
the U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Forward-looking statements are based on the
current expectations of QLT and QLT does not assume any obligation
to update such information to reflect later events or developments
except as required by law.
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