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news.QLT has announced that QLT USA, its wholly-owned subsidiary, has signed an exclusive licensing agreement with Reckitt Benckiser Pharmaceuticals for its Atrigel sustained-release drug delivery technology, except for certain rights being retained by QLT USA and its prior licensees.
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Under the terms of the license agreement and related asset purchase agreement, QLT USA received an aggregate upfront payment of $25 million and may receive potential milestone payments of up to $5 million based on the successful development of two Atrigel-formulated products.
As part of the transaction, Reckitt has acquired 18 employees from QLT USA and will take over its corporate facility located in Fort Collins, Colorado.
Bob Butchofsky, president and CEO of QLT, said: “We have worked diligently towards streamlining the company and believe we are close to reaching this goal. Eligard, our leuprolide acetate for injectable suspension for the palliative treatment of advanced prostate cancer, is our remaining non-core asset which we hope to divest in the near future.”