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NEW YORK - Biotechnology company QLT Inc. said Tuesday its U.S. subsidiary has licensed Atrigel drug delivery technology to Reckitt Benckiser Pharmaceuticals for $25 million, plus potential milestone payments.
Vancouver-based QLT said it will receive additional payments of as much as $5 million if Reckitt Benckiser successfully develops two drugs using the Atrigel sustained-release technology. Reckitt acquired 18 employees and a corporate facility in Fort Collins, Colo., as part of the deal with QLT USA.
QLT has been selling off assets since January, when it announced a plan to focus on its macular degeneration treatment Visudyne. The company plans to sell QLT USA in its entirety, and has already sold its acne gel Aczone for $150 million, to Allergan Inc. It has also cut staff and sold its headquarters.
QLT said it has sold off assets worth $240 million to date.
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