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United States : AUXILIUM PHARMACEUTICALS takes over QLT in a stock swap.

Auxilium Pharmaceuticals has purchased ophthalmology firm QLT in a stock swap and relocate to QLT's home in Canada.

The company stated that Auxilium shareholders will get 3.14 shares of QLT for each share of Auxilium owned.

"Building on Auxilium's strong foundation and commercial expertise, the merger with QLT represents a unique opportunity to accelerate our desired strategic transformation into a leading, diversified North American specialty biopharmaceutical company," said Auxilium CEO Adrian Adams said, "QLT may also receive royalties from Valeant Pharmaceuticals International on future sales of Visudyne in new indications beyond wet age-related macular degeneration and possesses technology platforms in drug delivery (Atrigel) and photodynamic therapy.

Opthalmology is a new field for Auxilium, which is mainly focused on men's health products such as the testosterone replacement Testim and impotence treatment Stendra.

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Publication:Mena Report
Date:Jun 30, 2014
Words:144
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