QLT acquires leading edge ocular drug delivery system from For... ( VANCOUVER Oct. 9 / QLT Inc. (NASD...)

QLT acquires leading edge ocular drug delivery system from ForSight Labs

Date:10/8/2007

VANCOUVER, Oct. 9 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced today that it has entered into an agreement under which QLT will acquire privately held ForSight Newco II, Inc. The acquisition includes ForSight Newco II's proprietary ocular punctal plug drug delivery system with the potential for future multi-product opportunities. The first clinical candidate utilizing this leading edge platform technology will target glaucoma.

"This acquisition is a clear strategic fit. It complements our expertise in ophthalmology, and it supports our goal to expand our pipeline of ocular products," said Bob Butchofsky, President and Chief Executive Officer of QLT. "We believe that our proprietary system for delivery of medications to the eye using punctal plugs will be an important therapeutic advance in the field of ophthalmology, and could become a key contributor to our future growth."

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 for the first product, $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.

In order to facilitate the Company's focus on innovative ocular drug delivery, QLT plans to continue its divestment of non-core assets, including selling the vacant property adjacent to its headquarters in Vancouver, British Columbia. In addition, the Company plans to monetize the value built up in its headq
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QLT acquires leading edge ocular drug delivery system from For...( VANCOUVER Oct. 9 / QLT Inc. (NASD...),Health