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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.
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Title Annotation:CORPORATE
Date:Dec 3, 2007
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