QLT, Inc. and Discovery Parks Holdings Ltd., have finalized their previously announced sale agreement of QLT’s corporate headquarters, its land, and the adjacent parcel of land in Vancouver, British Columbia.

In conjunction to the sale for CDN$65.5 million, QLT has signed a five-year lease with Discovery Parks for roughly thirty percent of the facility and will provide two-year 6.5% interest-only second mortgage vendor financing in the amount of CDN$12 million. This move, as well as the completion of the redemption of $172.5 million outstanding principal amount of its 3% Convertible Senior Notes ("Notes") due 2023, is part of QLT’s company restructuring. Other goals within the restructuring push are the divesting of non-core asset Eligard(R) and advancements in clinical development programs, including obtaining data from their Phase II CORE study examining the punctal plug elution technology.

QLT is a global biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapies. Research and development efforts focus on pharmaceutical products in the fields of ophthalmology and dermatology.

Sources: QLT, Inc.