QLT, Tolmar deal

QLT divested its Eligard leuprolide acetate business to Tolmar for up to US$30 million in cash. QLT received US$20 million upfront and will receive US$10 million by Oct. 1, 2010. The atrigel drug delivery system to deliver a luteinizing hormone-releasing hormone (LH-RH) agonist is marketed to treat prostate cancer. QLT is also eligible to receive 80% of the royalties on sales of Eligard up to US$200 million under deals with MediGene AG (Xetra:MDG, Martinsried, Germany) and sanofi-aventis Group (Euronext:SAN; NYSE:SNY, Paris, France). At June 30, QLT reported six-month net product revenue of US$18.3 million for Eligard. Astellas Pharma Inc. (Tokyo:4503, Tokyo, Japan) has EU marketing rights to Eligard from MediGene, while sanofi-aventis has North American rights from QLT. Goldman Sachs advised QLT. ...