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Canada,United States : AUXILIUM PHARMACEUTICALS to acquire QLT in a stock swap

June 28, 2014

Auxilium Pharmaceuticals announced the buyout of ophthalmology firm QLT in a stock swap and relocate to QLT's home in Canada.

The company stated that Auxilium shareholders will get 3.14 shares of QLT for each share of Auxilium owned.

Opthalmology is a new field for Auxilium, which is mainly focused on men's health products such as the testosterone replacement Testim and impotence treatment Stendra.

Auxilium CEO Adrian Adams said said, Building on Auxilium's strong foundation and commercial expertise, the merger with QLT represents a unique opportunity to accelerate our desired strategic transformation into a leading, diversified North American specialty biopharmaceutical company.

QLT may also receive royalties from Valeant Pharmaceuticals International on future sales of Visudyne in new indications beyond wet age-related macular degeneration and possesses technology platforms in drug delivery (Atrigel) and photodynamic therapy, said Selvaraju.

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Source: TendersInfo (India)