QLT BOARD AUTHORIZES EXPLORATION OF STRATEGIC ALTERNATIVES TO ENHANCE NEAR- TO MID-TERM SHAREHOLDER VALUE
VANCOUVER, CANADAâ€”QLT Inc. (NASDAQ: QLTI; TSX: QLT) today announced that the Board of Directors has formed a Special Committee to review all strategic alternatives available to the Company. The Special Committee, comprised of three independent directors, has appointed Morrison & Foerster, LLP as legal counsel to report directly to the Committee. The Committee has been charged, among other things with the responsibility for exploring alternative ways to maximize shareholder value, including transactions involving the sale of all or part of the assets of the Company.
The Board of Directors is currently reviewing proposals from several investment bankers and expects to appoint a Financial Advisor in the near future to assist the Special Committee in the evaluation of strategic alternatives.
Boyd Clarke, QLTâ€™s Chairman, said, â€œThe Board of Directors believes that the net value of the assets of the Company exceeds the value represented by the stock price. We had hoped to address that disconnect through the deployment of our current strategic plan. 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. As a result with the help of external financial advisors we are exploring all strategic options, which may include sale of all or part of the assets of the company.â€
QLT Inc. is a global biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapies. Our research and development efforts are focused on pharmaceutical products in the fields of ophthalmology and dermatology. In addition, we utilize three unique technology platforms, photodynamic therapy, AtrigelÂ® and punctal plugs with drugs, to create products such as VisudyneÂ® and EligardÂ® and future product opportunities. For more information, visit our web site at www.qltinc.com.