Aegerion Pharmaceuticals (NASDAQ:AEGR) and QLT (NASDAQ:QLTI) enter into an agreement whereby Aegerion will merge with a wholly owned indirect subsidiary of QLT. Under the terms of the deal, each AEGR share will be exchanged for 1.0256 QLTI shares. The combined company will do business as Novelion Therapeutics with shares trading on the Nasdaq Global Select Market and Toronto Stock Exchange (symbol not specified).
An investor syndicate has committed to invest ~$22M ($1.76/share) in QLT and to back the transaction. Novelion will have a cash balance of over $100M after the merger is completed.
Aegerion has two commercially available products: Juxtapid (lomitapide) for lowering bad cholesterol and Myalept (metreleptin) for leptin deficiency. QLT's lead product candidate is Phase 3-stage QLT091001 (zuretinol acetate) for the treatment of certain types of inherited retinal disease.
Aegerion CEO Mary Szela will serve as CEO of Novelion.
The deal should close in late Q3.
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