Auxilium to merge with Canada’s QLT
US drugmaker Auxilium Pharmaceuticals (Nasdaq: AUXL) and Canadian biotech firm QLT Inc (TSX: QLT) have entered into a definitive agreement to merge the businesses.
The transaction is expected to drive shareholder value creation by accelerating Auxilium's ongoing transformation into a leading diversified North American specialty biopharmaceutical company. As a result of the merger, Auxilium expects to have an expanded corporate platform that includes focused investments in R&D and the continued pursuit of new products and M&A due to cost and tax synergies. The companies also intend to continue to pursue a potential partnering agreement for QLT's promising late-stage retinoid program.
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