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QLT acquires Atrix Laboratories

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VANCOUVER, Canada — QLT Inc. and Atrix Laboratories Inc. will combine to create a single biopharmaceutical company, the companies announced.

The boards of directors for both companies unanimously approved the stock and cash transaction, according to a joint press release from the two companies. Under the agreement, QLT will acquire 100% of the common stock of Atrix for approximately $855 million. Atrix shareholders will receive one common share of QLT and $14.61 in cash for each share of Atrix common stock. Atrix shareholders will own approximately 23% of the combined entity.

According to the press release, QLT has been increasing its focus on therapeutic areas other than ophthalmology, including dermatology, oncology and urology. The companies said this will be a “strong complementary fit with Atrix’s therapeutic focus.”

The combined company expects annual revenue growth of 15% to 20%, and is targeting a net expenditure of $60 to $70 million on research and development in 2006, according to the press release.