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QLT appoints board to explore financial options
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VANCOUVER, Canada — The QLT board of directors has formed a special committee to explore alternative ways to maximize shareholder value, including transactions involving the sale of all or part of the company's assets, the company announced in a press release.
The special committee includes three independent directors, and it has appointed Morrison & Foerster LLP as legal counsel.
QLT's board of directors is currently reviewing proposals from several investment bankers and expects to appoint a financial advisor to assist the committee in evaluating strategic alternatives.
"The board of directors believes that the net value of the assets of the company exceeds the value represented by the stock price," said Boyd Clarke, QLT's chairman, in the release. "We had hoped to address that disconnect through the deployment of our current strategic plan. However, as the gap continues to widen we have decided that, other than as contractually required, making significant additional investments in all of our current products and technologies would be inconsistent with our objective of maximizing shareholder value."