Valeant made $62.5m upfront payment for US rights and available inventories for Visudyne and another $50m for rights to non-US royalties on Visudyne sales.
QLT is also entitled to earn an additional $5m in contingent payments relating to the development of its laser program in the US and up to $15m in contingent payments relating to the non-US royalties.
Valeant chairman and chief executive officer Michael Pearson said the company has added a product to its ophthalmology business with the acquisition.
"Not only will we be able to use Visudyne to better leverage our current ophthalmology sales force with a complementary product to Macugen, we are pleased to add a product that retinal specialists around the county can use as an adjunctive to products like Macugen to improve treatment options," Pearson added.
According to the transaction, that is expected to be immediately accretive, Valeant has manufacturing rights and assumed a supply agreement for outside of US.