QLT has the foresight to buy ForSight

October 23, 2007

QLT has entered into an agreement to acquire the privately held ForSight Newco II. The acquisition includes ForSight's proprietary ocular punctal plug drug delivery system.

QLT has entered into an agreement to acquire the privately held ForSight Newco II. The acquisition includes ForSight's proprietary ocular punctal plug drug delivery system.

Under the terms of the agreement, QLT will acquire all outstanding shares for $42 million on closing along with future milestone payments and royalties on net sales of products. The milestone payments include a $5 million payment upon the initiation of a Phase III trial, $20 million on first commercialization of each of the first two products using the proprietary technology and $15 million on first commercialization of each subsequent product.

On completion of the acquisition, ForSight Newco II will become a wholly owned subsidiary of QLT.