Auxilium Pharmaceuticals Inc would purchase Canadian drugmaker QLT Inc in a deal valued at about $850 million to add QLT's experimental treatment for eye diseases caused by gene mutations.In a reverse takeover, Auxilium shareholders will end up owning about 76 percent of the combined company after they receive 3.1359 QLT shares for each share held.Auxilium shares were up 18 percent at $25 in premarket trade, while QLT's U.S.-listed shares rose 30 percent to $7.For QLT shareholders, the deal represents a 25 percent premium based on a calculation of the closing prices of Auxilium and QLT shares on the Nasdaq on June 25, the companies said.
Auxilium Pharmaceuticals, Inc. is a specialty biopharmaceutical company focuses on developing and marketing products to predominantly specialist audiences. Shares of AUXL remained unchanged at $21.23. In the past year, the shares have traded as low as $16.11 and as high as $32.89. On average, 1529400 shares of AUXL exchange hands on a given day and today's volume is recorded at 346981.
QLT Inc., is a biotechnology company. The Company is engaged in the development and commercialization of ocular products. Shares of QLT remained unchanged at $5.80. In the past year, the shares have traded as low as $3.83 and as high as $8.79. On average, 1800 shares of QLT.TO exchange hands on a given day and today's volume is recorded at 70.
QLT Inc., is a biotechnology company. The Company is engaged in the development and commercialization of ocular products. Shares of QLTI remained unchanged at $5.40. In the past year, the shares have traded as low as $3.69 and as high as $8.41. On average, 36327 shares of QLTI exchange hands on a given day and today's volume is recorded at 1680.
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