QLT to acquire ForSight's punctal plug technology

VANCOUVER — QLT and privately held ForSight Newco II have entered into an agreement under which QLT will acquire ForSight and its proprietary ocular punctal plug drug delivery system, QLT announced in a press release.

The punctal plugs are a noninvasive drug delivery system capable of delivering drugs to the eye over time through controlled release to the tear film.

QLT will obtain worldwide rights to commercialize the punctal plug technology combined with any active pharmaceutical ingredient and will lead and fund future development efforts. QLT plans to initiate a phase 1/2 clinical trial for the first clinical product candidate, which will target glaucoma, in the first half of 2008, the release said.

"This acquisition is a clear strategic fit. It complements our expertise in ophthalmology, and it supports our goal to expand our pipeline of ocular products," said Bob Butchofsky, president and CEO of QLT, in the release. "We believe that our proprietary system for delivery of medications to the eye using punctal plugs will be an important therapeutic advance in the field of ophthalmology and could become a key contributor to our future growth."

Under the terms of the acquisition agreement, QLT will acquire all of the outstanding shares of ForSight Newco II for $42 million on closing, along with future milestone payments and royalties on net sales of products. The acquisition is expected to close early in the fourth quarter of 2007 and is subject to customary closing conditions, the release said.