Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
QLTI > SEC Filings for QLTI > Form 8-K on 21-Mar-2014All Recent SEC Filings

Show all filings for QLT INC/BC

Form 8-K for QLT INC/BC


21-Mar-2014

Other Events


Item 8.01. Other Events.

Effective on March 17, 2014, QLT Inc. ("QLT" or the "Company") and TOLMAR Holding, Inc. ("TOLMAR") entered into a consent and amendment (the "Consent and Amendment Agreement") to the stock purchase agreement between QLT and TOLMAR dated as of October 1, 2009 (the "2009 Stock Purchase Agreement").

As previously reported, pursuant to the 2009 Stock Purchase Agreement, QLT sold all of the shares of its wholly-owned U.S. subsidiary, QLT USA, Inc. (now TOLMAR Therapeutics Inc. ("TTI")) to TOLMAR for up to an aggregate US$230 million. Under the 2009 Stock Purchase Agreement, QLT received US$20 million on closing and US$10 million on October 1, 2010, and is entitled to future consideration payable quarterly in amounts equal to 80% of the royalties paid under the license agreement with Sanofi Synthelabo Inc. (the "Sanofi License") and the license agreement with MediGene Aktiengesellschaft, which, effective March 1, 2011, was assigned to Astellas Pharma Europe Ltd. (the "MediGene License"). Under the 2009 Stock Purchase Agreement, the Company is entitled to these quarterly payments until the earlier of the receipt of aggregate contingent consideration of $200 million or October 1, 2024. As of March 17, 2014, QLT was entitled to receive up to an additional $26,988,732.02 in contingent consideration (the "Contingent Consideration Balance") under the 2009 Stock Purchase Agreement.

Pursuant to the Consent and Amendment Agreement, among other things:

(i) TOLMAR requested QLT's consent to certain transactions, that if consummated, would affect the Sanofi License and which would require QLT's consent;

(ii) In exchange for QLT's consent, QLT received $17,000,000 (the "Sanofi Prepayment"), as a pre-payment, in part, of the Contingent Consideration Balance, such Sanofi Prepayment representing payment in full satisfaction of TOLMAR's obligations under the 2009 Stock Purchase Agreement with respect to the payment of royalties under the Sanofi License. The remaining $9,988,732.02 of the Contingent Consideration Balance will be satisfied from amounts received under the MediGene License; and

(iii) TOLMAR and its parent corporation, Dodley International Ltd., have guaranteed to QLT payment of the remaining Contingent Consideration Balance on or before November 30, 2014.

The information in this Item 8.01 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 8.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.


  Add QLTI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for QLTI - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.