By Bhaswati Mukhopadhyay
Tue Dec 11, 2012 3:09pm EST
(Reuters) – Canadian eye drug developer QLT Inc’s fake retinoid program, an initial diagnosis for some hereditary eye diseases that can means blindness, could be value “hundreds of millions” of dollars, a company’s authority said.
Several intensity buyers have approached QLT for a module — a usually remaining product after it sole a eye drug, Visudyne, to Valeant Pharmaceuticals International Inc in September.
“We consider a program’s value hundreds of millions …,” Chairman Jason Aryeh told Reuters, adding that a stream batch cost does not take into comment a value of a retinoid program.
The company, valued by a marketplace during $413 million, has about $400 million in money on hand.
It has posted waste in a final 10 buliding as Visudyne mislaid marketplace share to drugs such as Novartis AG’s Lucentis.
QLT stopped generating income after a sale of a drug and has cut some-more than 80 percent of a workforce given July, a month after an romantic investor’s line-up of nominees took control of a board.
Its fake retinoid compound, however, has perceived waif drug standing in a United States and Europe, lifting hopes of a faster regulatory approval.
“We trust a house might be looking for a cost in a operation of $100-$200 million (for a retinoid program),” Bloom Burton Co researcher Philippa Flint pronounced in a new note.
Aryeh pronounced QLT would not compensate a unchanging quarterly division though did not order out a probability of a one-time dividend.
QLT shares have remained scarcely prosaic during C$7.87 this year. They traded around $120 in early 2000 when Visudyne was a company’s pivotal income generator.
(Corrects title and initial divide to mislay anxiety to $750 million, that was formed on a figure that a association says was “illustrative.” It also replaces a quote in a third paragraph, rewrites a fourth divide to impute to a company’s money on hand, and removes a remaining eighth paragraph.)
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty)
Source: Health Medicine Network