Aegerion Pharma and QLT Inc. to merge and be succeeded by Novelion Therapeutics Inc.

Aegerion Pharmaceuticals, Inc.and QLT Inc. have announced that they have entered into a definitive merger agreement under which Aegerion will be merged with a wholly owned indirect subsidiary of QLT. Upon completion of the proposed merger, each outstanding share of Aegerion common stock will be exchanged for 1.0256 shares of QLT common stock. QLT plans to change its name upon the closing of the proposed transaction to Novelion Therapeutics Inc. and its common shares will trade on the NASDAQ Global Select Market and the Toronto Stock Exchange. The proposed transaction, which has been approved by the Boards of Directors of both companies, is expected to close late in the third quarter or during the fourth quarter of 2016, subject to approval by shareholders representing a majority of the outstanding common stock of each of QLT and Aegerion as well as other closing conditions. The proposed merger is expected to create a strong, rare disease-focused global biopharmaceutical company with a diversified portfolio consisting of Aegerion's two commercially branded products, Juxtapid (lomitapide) capsules and Myalept (metreleptin), and QLT's QLT091001 ("Zuretinol Acetate" or "Zuretinol"), a Phase III-ready Ultra-Orphan Fast Track and Orphan Drug designated asset being developed for the treatment of Inherited Retinal Disease caused by underlying mutations in RPE65 or LRAT genes ("IRD"), which indication comprises Leber Congenital Amaurosis ("LCA") and Retinitis Pigmentosa ("RP").There are currently no U.S. Food and Drug Administration or European Medicines Agency approved pharmacologic treatments for either LCA or RP, underscoring the significant unmet medical need.