ARTICLE | Finance
Paring down QLT
QLT activist board restructures; will return $100M to biotech's shareholders
July 16, 2012 7:00 AM UTC
The activist board of QLT Inc. (TSX:QLT; NASDAQ:QLTI) has wasted little time in refocusing and slimming down the Canadian ophthalmic company. Now it plans to return $100 million in cash to shareholders.
The new board, which was proposed by activist shareholder NB Public Equity Komplementar ApS in May and elected by shareholders in June, has reduced headcount by 146 (68%) to 68. The cuts included President and CEO Robert Butchofsky...