QLT Says Auxilium Pharma Determines Endo's Offer As Superior - Quick Facts

(RTTNews) - QLT Inc. (QLTI, QLT.TO) said it has been advised by Auxilium Pharmaceuticals, Inc. (AUXL) that Auxilium's board has reviewed an offer from Endo International plc (ENDP, ENL.TO) to purchase all issued and outstanding shares of Auxilium and, upon consulting with its financial advisors and outside legal counsel, has determined that the Endo Proposal is a superior proposal as per the terms of the Agreement and Plan of Merger among QLT, Auxilium, QLT Holding Corp., and QLT Acquisition Corp., dated June 25, 2014.

Therefore, Auxilium has delivered a notice of termination of the Merger Agreement and has agreed to concurrently pay to QLT a termination fee of $28.4 million.

Jason Aryeh, the Chairman of the Board of QLT stated: "We are obviously disappointed that the merger with Auxilium did not complete. In light of this development, we will immediately re-engage in our assessment of all potential strategic options."