QLT closes Aczone deal with Allergan

Canada's QLT says that its wholly-owned US subsidiary has completed the sale of its Aczone (dapsone) Gel 5% product, a topical treatment for acne vulgaris, to USA-based Allergan (Marketletters passim). As a result of the transaction, QLT USA received a one-time cash payment of $150.0 million.

Bob Butchofsky, chief executive of QLT, commented: "our ability to deliver on the sale of Aczone, in addition to the agreement to sell QLT's Vancouver headquarters, demonstrates our dedication and ability to achieve our restructuring objectives. Additionally, we remain focused on the divestment process for Eligard (leuprolide acetate) and the Atrigel drug delivery system and hope to sign agreements for these assets in the near-term."

The Aczone deal is the second agreement entered into by the company to divest non-core assets since it announced its strategic restructuring earlier this year. Others include Eligard and Atrigel. In addition, on May 15, QLT announced that it had signed a sale and purchase agreement to sell the land and building comprising its corporate headquarters and an adjacent undeveloped parcel of land in Vancouver, British Columbia.