QLT puts itself up for sale as shares languish.
QLT Puts Itself Up for Sale as Shares Languish. QLT Inc. (Vancouver
BC), the Canadian drugmaker that works with Novartis AG on eye
treatments, put itself up for sale last week after the board said its
business plan isn't working. The board is reviewing proposals from
several investment banks and hired Morrison & Foerster LLP as legal
counsel to help in the search. The board says the net value of QLT is
not reflected in the share price. "We had hoped to address that
disconnect through the deployment of our current strategic plan,"
Chairman Boyd Clarke said in a statement. "However, as the gap
continues to widen we have decided that, other than as contractually
required, making significant additional investments in all of our
current products and technologies would be inconsistent with our
objective of maximizing shareholder value." Novartis sells the
Visudyne vision-loss treatment developed by QLT. Shares of the
Vancouver-based company closed the week up $1.17, or 31%, at $4.94.