VANCOUVER, Nov. 19 /PRNewswire-FirstCall/ -- QLT Inc. (NASDAQ: QLTI; TSX: QLT) and Atrix Laboratories, Inc. announced today that they have completed their merger transaction, creating a leading global biopharmaceutical company focused on ophthalmology, oncology, dermatology and urology.
Stockholders of both companies approved the merger and merger-related proposals at special meetings held today, and all regulatory approvals and closing conditions had been satisfied. The combined company, QLT Inc., will continue to be traded on NASDAQ under the stock symbol "QLTI" and on the TSX under the stock symbol "QLT."
"We are excited to begin our new life as one organization and to continue the efforts of our ongoing integration planning process to create a unified organization," said Paul Hastings, President and Chief Executive Officer of QLT Inc. "Based on the complementary profiles of the two businesses we expected that the combination of both companies' strengths would create value beyond what either company might have achieved independently and it is gratifying to see our shareholders' overwhelming support of this decision."
The combined company will begin with a balance sheet of more than $300 million in cash, and a commitment toward delivering on the targets it has articulated since the merger was announced. The company aims for annual revenue growth of 15 to 20 percent and long-term cash EPS compound annual growth rate of 20 to 25 percent.
QLT's Board of Directors will be expanded from 8 to 10 members with the appointments of Mr. Richard R. Vietor and Dr. George J. Vuturo, previously Atrix directors. Dr. Nicholas G. Bazan, also an ex-Atrix director, will join QLT's Scientific Advisory Board as Vice-Chairman. Michael Duncan, formerly Vice-President of Atrix, will become President of the Fort Collins facility, QLT USA Inc., and will join QLT's executive management team.
About QLT Inc.
QLT Inc. is a global biopharmaceutical company specializing in developing treatments for cancer, eye diseases and dermatological and urological conditions.
We have combined our expertise in the discovery, development, commercialization and manufacture of innovative drug therapies with our unique technology platforms to create highly successful products such as Visudyne(R) and Eligard(R).
For more information, visit our website at http://www.qltinc.com/.
QLT Inc. is listed on The Nasdaq Stock Market under the trading symbol "QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
Certain statements in this press release constitute "forward-looking statements" of QLT within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those which contain the words: "will," "expect," and "target," and those which set out the Company's expectations or predications with respect to the integration process, operations and objectives of the combined company following the merger, and the targeted revenue growth rate and long-term cash EPS compound annual growth rate for the combined company. These statements are only predictions and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward looking statements to differ materially from any future results expressed or implied by such statements, including but not limited to the factors described in detail in the Annual Information Form on Form 10-K, quarterly reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities, of both QLT and Atrix. Forward-looking statements are based on our current expectations and QLT assumes no obligation to update such information to reflect later events or developments, except as required by law.
QLT Inc.: Therese Hayes/Tamara Hicks,
Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001