Biotech, Life Sciences, deals

QLT Licenses Atrigel Rights to Reckitt Benckiser

Luke Timmerman 8/26/08

QLT, (NASDAQ: QLTI) a Vancouver, BC-based biotechnology company, said today its U.S. subsidiary provided an exclusive license to Reckitt Benckiser Pharmaceuticals to develop Atrigel sustained-release drug delivery technology. Reckitt agreed to pay $25 million upfront, and milestone payments of another $5 million if it can successfully develop two Atrigel products. Rickett acquired 18 employees from QLT, and will take over its facility in Fort Collins, CO. QLT and its previous licensees will retain certain rights, the company said.