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Burrill Merchant Banking Advises QLT USA on divestment of QLT USA, INC.'s Generic Dermatology and Manufacturing BusinessApril 12, 2007
San Francisco, CA - April 12, 2007
Burrill Merchant Banking recently advised QLT USA, INC. on the successful sale of QLT USA's generic dermatology and manufacturing business located in Fort Collins, Colorado to Tolmar Inc., a private pharmaceutical company. The purchase price was US$21 million and there will be an additional US$1 million payment if commercial orders for Aczone™ are produced in the Fort Collins plant.
"We are very pleased to complete this divestment as part of our strategy to focus on our core business," said Sean Moriarty, President of QLT USA.. "In addition to increasing our consolidated cash, this transaction will allow us to focus on the profitability of our ongoing business."
About Burrill Merchant Banking
Burrill Merchant Banking assists life science companies to identify, negotiate and close strategic transactions. Service lines include:
- Merger & Acquisitions across life sciences
- Strategic Partnering from early-stage research, to product development and commercialization
- Spin-Outs and Divestitures to create a new company or build value in an established entity
- Financing Advisory and Private Placement
- Advisory Services defining the role of transactions in achieving strategic objectives
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with principal activities in Venture Capital, Merchant Banking and Media. It has over $850 million in venture capital funds under management and has completed numerous merchant banking transactions. The company's over 50 person scientific and business team, supported by its Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life science companies and managements, provide Burrill with unparalleled access and insight.
Burrill Life Sciences Media Group, a joint venture of Burrill & Company and Nielsen Business Media, organizes over a dozen life sciences conferences and publishes Biotech 2007, The Journal of Life Sciences and numerous Burrill BioIntelligence Report Media.
For more information please contact James Watson, Managing Director, Head of Merchant Banking at firstname.lastname@example.org