Canada’s Valeant Pharma acquires QLT’s Visudyne for over $112.5-mn

Canadian specialty drug maker Valeant Pharmaceuticals International Inc has acquired the Visudyne business of biotechnology firm QLT Inc for over $112.5 million, aiming to strengthen the company's ophthalmology business.

Visudyne is a drug used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration.

Valeant paid $62.5 million upfront for all US rights and available inventories for Visudyne and another $50 million for rights on non-US royalties on Visudyne sales.

Further, Valeant has also agreed to pay an additional $5 million in contingent payments relating to QLT's laser programme in the US and up to $15 million in payments relating to the non-US.

Visudyne's US revenue was around $21 million in 2011, while non-US royalties were approximately $14 million.

''We are excited about the opportunity to add a complementary product to our growing ophthalmology business," Valeant's chairman and chief executive officer Michael Pearson said.