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ForSight Labs Announces Acquisition of ForSight Newco II by QLT, Inc.
Date:10/9/2007

MENLO PARK, Calif., Oct. 9 /PRNewswire/ -- ForSight Labs LLC announced today that its second spin out company, privately held ForSight Newco II, Inc., has entered into an agreement to be acquired by QLT Inc. (Nasdaq: QLTI; TSX: QLT). The acquisition includes ForSight Newco II's proprietary ocular punctal plug drug delivery system. This system has the potential for multiple product opportunities, including treatment of glaucoma. Glaucoma affects ~65 million people worldwide and is the second leading cause of blindness. Approximately 99% of glaucoma patients are treated with topical medications; this new technology could address the uncertainty of patient-administered daily drops.

"We are thrilled to be working with QLT," said Hanson S. Gifford III, Chairman 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."

Under the terms of the agreement, QLT will acquire all of the outstanding shares of ForSight Newco II for $42 million on closing, along with future milestone payments and royalties on net sales of products. The milestone payments consist of a one-time $5 million payment upon the initiation of a phase III clinical trial meeting certain criteria, $20 million on first commercialization of each of the first two products using ForSight Newco II's proprietary technology and $15 million on first commercialization of each subsequent product. The acquisition is expected to close early in the fourth quarter of 2007 and is subject to customary closing conditions. On completion of the acquisition, ForSight Newco II will become a wholly-owned subsidiary of QLT. Through this acquisition, QLT, via its wholly-owned subsidiary, will obtain worldwide rights to commercialize ForSight Newco II's proprietary punctal plug technology combined with any active pharmaceutical ingredient. QLT will lead and fund future de
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SOURCE ForSight Labs LLC
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