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QLTI > SEC Filings for QLTI > Form 8-K on 9-Apr-2013All Recent SEC Filings

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Form 8-K for QLT INC/BC


9-Apr-2013

Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition o


Item 1.01. Entry into a Material Definitive Agreement.

On April 3, 2013, QLT Inc. (the "Company") entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Mati Therapeutics Inc. ("Mati"), a development company founded by Robert Butchofsky, QLT's former President & CEO, pursuant to which the Company sold its punctal plug drug delivery system ("PPDS") technology (the "Technology") to Mati. Under the terms of the Asset Purchase Agreement, QLT received a payment of $750,000 at closing and is eligible to receive potential payments upon the satisfaction of certain product development and commercialization milestones that could reach $19.5 million (or exceed that amount if more than two products are commercialized), a low single digit royalty on world-wide net sales of all products using or developed from the PPDS Technology and a fee on payments received by Mati in respect of the PPDS Technology other than net sales. The Asset Purchase Agreement also contains standard representations, warranties and covenants made by the parties and mutual indemnification obligations for breaches of representations, warranties, covenants and agreements contained in the Asset Purchase Agreement.

A copy of the Asset Purchase Agreement is attached as Exhibits 10.70 to this Current Report on Form 8-K. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is incorporated by reference herein. The Company has sought confidential treatment for certain terms of the Agreement.



Item 2.01. Completion of Acquisition or Disposition of Assets.

All information required under Item 2.01 is incorporated herein by reference to Item 1.01.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number                                   Description

10.70*      Asset Purchase Agreement between the Company and Mati Therapeutics
            Inc., dated April 3, 2013

* Confidential treatment has been requested as to certain portions of this Exhibit. Such portions have been omitted and filed separately with the Securities and Exchange Commission.


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