QLT, (NASDAQ: [[ticker:QLTI]]) a Vancouver, BC-based biotechnology company, said today its U.S. subsidiary provided an exclusive license to Reckitt Benckiser Pharmaceuticals to develop Atrigel sustained-release drug delivery technology. Reckitt agreed to pay $25 million upfront, and milestone payments of another $5 million if it can successfully develop two Atrigel products. Rickett acquired 18 employees from QLT, and will take over its facility in Fort Collins, CO. QLT and its previous licensees will retain certain rights, the company said.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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