This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:QLT restructures Visudyne deal with Novartis Pharma 2009-10-19 06:39 ET - News Release Mr. Bob Butchofsky reports QLT RESTRUCTURES VISUDYNE(R) AGREEMENT QLT Inc. has restructured its agreement with Novartis Pharma AG to simplify the relationship. Under the restructure, effective Jan. 1, 2010, it will, among other things, receive exclusive United States rights to the Visudyne patents to sell and market Visudyne in the United States. Visudyne, a photosensitizer co-developed with Novartis, is approved worldwide for the treatment of a form of wet age-related macular degeneration (AMD), the leading cause of legal blindness in people over the age of 55 in North America and Europe.
Under the amended and restated PDT product development, manufacturing and distribution agreement, QLT will have exclusive United States sales and marketing rights to Visudyne, including rights to all end-user revenue derived from Visudyne sales in the United States. Novartis will have marketing and sales rights in all countries outside of the U.S. (ex U.S.) and will pay QLT a royalty of 20 per cent of ex U.S. net sales until Dec. 31, 2014, and thereafter 16 per cent of ex U.S. net sales until the expiry of the amended PDT agreement on Dec. 31, 2019. QLT will continue to manufacture Visudyne and will supply the product at a prespecified price exclusively to Novartis for ex U.S. distribution. QLT and Novartis will each be responsible for all costs and expenses associated with marketing and sales in their respective territories.
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