06.16.16
Aegerion Pharmaceuticals and QLT Inc. have entered a merger agreement under which Aegerion will be merged with a wholly owned indirect subsidiary of QLT. When the transaction is completed, QLT will change the combined company’s name to Novelion Therapeutics. The deal is expected to close late in the third quarter or during the fourth quarter of 2016.
The merger is expected to create a strong, rare disease-focused global biopharmaceutical company with a diversified portfolio consisting of Aegerion's two commercially branded products, Juxtapid (lomitapide) capsules and Myalept (metreleptin), and QLT's QLT091001 (Zuretinol), a Phase 3-ready ultra-orphan fast track and orphan drug designated asset being developed for the treatment of inherited retinal disease.
"We believe QLT's clinical development team, and meaningful cash position, and Aegerion's commercialization expertise will help unlock significant value in QLT's Zuretinol asset and enable Novelion to pursue important milestones across a commercial and late-stage portfolio, including potential regulatory approval in Japan for Juxtapid and potential regulatory filings in Europe for Myalept,” said Mary Szela, chief executive officer, Aegerion.
Ms. Szela will serve as chief executive officer of Novelion following the close of the transaction.
The merger is expected to create a strong, rare disease-focused global biopharmaceutical company with a diversified portfolio consisting of Aegerion's two commercially branded products, Juxtapid (lomitapide) capsules and Myalept (metreleptin), and QLT's QLT091001 (Zuretinol), a Phase 3-ready ultra-orphan fast track and orphan drug designated asset being developed for the treatment of inherited retinal disease.
"We believe QLT's clinical development team, and meaningful cash position, and Aegerion's commercialization expertise will help unlock significant value in QLT's Zuretinol asset and enable Novelion to pursue important milestones across a commercial and late-stage portfolio, including potential regulatory approval in Japan for Juxtapid and potential regulatory filings in Europe for Myalept,” said Mary Szela, chief executive officer, Aegerion.
Ms. Szela will serve as chief executive officer of Novelion following the close of the transaction.