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News Breaks
December 6, 2012
08:08 EDTQLTIQLT to reduce workforce by 42%, expects $2M restructuring charge
QLT announced a 42% reduction of its workforce to better align its resources with the company's corporate objectives following the recent sale of Visudyne to Valeant Pharmaceuticals International. QLT expects to record a restructuring charge of approximately $2M relating to this reduction in force. The company also expects the reorganization to result in approximately $3.8M in reduced annualized expenses once the reduction is fully implemented in the first half of 2013.
News For QLTI From The Last 14 Days
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September 23, 2014
10:54 EDTQLTIStocks, analysts react to Treasury inversion crackdown
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08:00 EDTQLTIAuxilium rejection of first Endo offer not surprising, says UBS
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September 22, 2014
07:11 EDTQLTIQLT Inc. says, Auxilium determines Endo proposal not superior
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07:10 EDTQLTIQLT Inc. says, Auxilium determines Endo proposal not superior
07:02 EDTQLTIAuxilium board determines QLT Inc.'s agreement superior to Endo proposal
Auxilium (AUXL) announced that its board has reviewed the unsolicited, non-binding and conditional proposal from Endo (ENDP) and, after consulting with its independent financial and legal advisors, has unanimously determined it is not a superior proposal under the terms of its existing merger agreement with QLT Inc. (QLTI) and has unanimously reaffirmed its recommendation that Auxilium's stockholders vote in favor of the adoption of such merger agreement. In addition, the board has determined that Endo's proposal significantly undervalues Auxilium. However, under the terms of the merger agreement with QLT, Auxilium maintains the right to engage in discussions with Endo and other third parties, subject to certain conditions in the merger agreement. In unanimously reaffirming its recommendation that Auxilium's stockholders vote in favor of the adoption of the existing merger agreement with QLT, the board confirmed that it is not withdrawing, modifying, withholding, changing or qualifying its recommendation with respect to such merger agreement, or proposing to do so.
September 17, 2014
16:25 EDTQLTIOn The Fly: Closing Wrap
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12:22 EDTQLTIOn The Fly: Midday Wrap
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12:15 EDTQLTIAuxilium climbs, QLT falls after Endo submits takeover bid
Shares of drug maker Auxilium (AUXL) are rallying after another company in the sector, Endo (ENDP), offered to buy Auxilium for $28.10 per share. Endo said that Auxilium's 12 FDA approved products in urology, orthopedic and other areas are "natural complements" to Endo's men's health and pain products, while Auxiium said it would consider the offer. The potential deal, however, jeopardizes Auxiium's prior agreement to acquire another drugmaker, QLT Inc. (QLTI). WHAT'S NEW: Endo announced last night that it had made a cash and stock bid of $28.10, or $2.2B, for Auxilium. The latter company announced this morning that it would "carefully review" the offer. The two companies have "significant synergy opportunities" and the deal is "expected to be immediately accretive" to Endo's EPS, the hopeful buyer added. WHAT'S NOTABLE: On June 26, Auxilium announced that it would merge with Canada's QLT Inc. According to Sterne Agee analyst Shibani Malhotra, Endo said last night that it was not interested in acquiring QLT and Auxilium would have to choose between merging with QLT and being acquired by Endo. ANALYST REACTION: Although Endo's bid represents a 30%+ premium to Auxilium's closing price yesterday, Jefferies analyst Thomas Wei believes that the synergies outlined by Endo justify a higher takeout price. Specifically, the analyst thinks that Auxilium could be acquired for $34 to $45 per share. Wei kept a $34 price target and Buy rating on Auxilium. For his part, Malhotra predicted that Auxilium would approve the Endo deal and reject the QLT merger. The bid appears to be substantially accretive for Endo, added the analyst, who kept a $75 price target and Buy rating on Endo's shares. PRICE ACTION: In early afternoon trading, Auxilium surged over 43% to $30.88 and Endo advanced 6.5% to $69.35, while QLT dropped 12% to $5.46.
09:10 EDTQLTIOn The Fly: Pre-market Movers
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07:14 EDTQLTIAuxilium to 'carefully review' proposal from Endo for $28.10 per share
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07:12 EDTQLTIQLT Inc. provides update on merger with Auxilium
QLT Inc. (QLTI) announces that it has been advised by Auxilium Pharmaceuticals (AUXL) that Auxilium has received an unsolicited offer from Endo International (ENDP) to acquire all of the issued and outstanding shares of Auxilium. Auxilium has further advised QLT that the board of Auxilium is reviewing the Endo Proposal, and has not withdrawn, modified, withheld, changed or qualified its recommendation with respect to the proposed merger with QLT pursuant to the Agreement and Plan of Merger among QLT, Auxilium, QLT Holding, and QLT Acquisition, dated June 25. The Merger Agreement continues in full force and effect. In accordance with the Merger Agreement, QLT has consented to the adoption by Auxilium of a stockholder rights plan in response to the Endo Proposal.

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