Under the terms of this pharma partners agreement with Valeant, QLT received a payment of $112.5 million at closing and is eligible to receive additional amounts in contingent payments.
$50 million of the initial purchase price is for the right to receive royalties on Visudyne sales outside of the United States under a license agreement with Novartis Pharma AG and the right to supply Visudyne to Novartis for sales outside of the United States, and $62.5 million of the initial purchase price is for the rights and assets of the Visudyne business in the United States.
Also as stated in the pharma partners agreement, QLT is eligible to receive up to $5 million in contingent payments relating to the development of its laser program in the United States, up to $15 million in contingent payments relating to the Novartis non-U.S. royalties and a royalty on net sales of new indications for Visudyne, if any should be approved.
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