QLT Announces 42% Reduction in Workforce
QLT Inc. (Nasdaq: QLTI) today announced a 42% reduction of its workforce to better align its resources with the Company's corporate objectives following the recent sale of Visudyne^® to Valeant Pharmaceuticals International, Inc. ("Valeant"). QLT expects to record a restructuring charge of approximately $2.0 million relating to this reduction in force. The Company also expects the reorganization to result in approximately $3.8 million in reduced annualized expenses once the reduction is fully implemented in the first half of 2013.
The affected employees will leave the Company during the first half of 2013, the majority of which will coincide with the completion of various transition services provided to Valeant under the Transition Services Agreement entered into in September 2012 between QLT and Valeant in connection with the sale of QLT's Visudyne business to Valeant.
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