QLT settles MGH litigation

QLT (TSX: QLT; NASDAQ: QLTI)  has settled its dispute with Massachusetts General Hospital over Visudyne royalties.

Under the litigation settlement, QLT will pay MGH $20-million (U.S.) for all past and future royalty obligations under a license agreement between the two parties, in exchange for the dismissal of MGH’s lawsuit against QLT, pending court approval.

Under the license agreement, MGH was entitled to a royalty of 0.5% on Visudyne sales in Canada and the U.S.

“We believe that this agreement fairly resolves our dispute and serves to recognize the critically important contributions made by MGH in the development of Visudyne,” QLT CEO Bob Butchofsky said in a statement.