Issue Date: October 15, 2007
QLT Will Purchase Drug Delivery Firm
QLT will acquire ForSight Newco, owner of an ocular drug delivery system, for $42 million plus possible future milestone payments. ForSight Newco, a spin-off of ForSight Labs, has developed a sustained- release plug that can replace eye drops for treating glaucoma and other eye ailments. Sales of QLT's main product, Visudyne for age-related macular degeneration, are declining in the face of competition from Genentech's Lucentis.
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