In June, Qlt Inc (NASDAQ:QLTI) signed an Agreement and Plan of Merger with its wholly-owned indirect subsidiary, Isotope Acquisition Corp., and Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR), upon which Isotope and Aegerion Pharmaceuticals would be merged into one company, which would become a wholly-owned indirect subsidiary of Qlt Inc (NASDAQ:QLTI). It was also announced that QLT would change its name to Novelion Therapeutics Inc.
Pursuant to the Merger Agreement, upon the completion of the merger, Novelion granted one of its large shareholders, Kevin Kotler‘s Broadfin Capital, the right to appoint one person to its Board of Directors. Upon signing the Merger Agreement, QLT and Broadfin Capital have signed a Voting Agreement, under which the fund granted not to dispose of its shares until the Merger is completed and to vote its shares in favor of the Merger.
According to a new 13D filing with the SEC, upon the completion of the Merger, Kevin Kotler will be appointed as a Director of Novelion. The fund currently holds 4.45 million common shares of the company, which account for 8.41% of the float.
QLT is a biotechnology company that works on producing ocular products. Over the past 12 months, the company’s stock has lost 54.94%. For the second quarter of 2016, QLT reported a loss per share of $0.10, compared to a loss per share of $0.21 for the corresponding quarter a year earlier.
The number of investors in our database long Qlt Inc (NASDAQ:QLTI) decreased by three in the second quarter, to 14 at the end of June. Among them were David M. Knott’s Dorset Management, which held a position valued at $775.22 million, Michael Blitzer’s Kingstown Capital Management, with a position worth around $4.26 million, Jesse Ro’s Tiger Legatus Capital, John A. Levin’s Levin Capital Strategies, and Steve Tannenbaum’s Greenwood Investments.
Investors who lost optimism for investing in Qlt Inc (NASDAQ:QLTI) and decided to sell off their positions during the quarter contained Brian Sheehy’s Iszo Capital, which said goodbye to a $1.58 million position, Howard Guberman’s Gruss Asset Management, which dropped a position valued at $1.52 million at the end of March, and Ken Griffin’s Citadel Investment Group.
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Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Broadfin Capital | 0 | 4,445,527 | 0 | 4,445,527 | 8.41% | |
| Broadfin Healthcare Master Fund, Ltd | 0 | 4,445,527 | 0 | 4,445,527 | 8.41% | |
| Kevin Kotler | 0 | 4,445,527 | 0 | 4,445,527 | 8.41% |
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Page 1 of 8 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
| QLT Inc. |
| (Name of Issuer) |
| Common Stock without par value |
| (Title of Class of Securities) |
| 746927102 |
| (CUSIP Number) |
| Broadfin Capital, LLC 300 Park Avenue, 25th Floor New York, New York 10022 Telephone- (212) 808-2460 |
| (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
| September 9, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
| If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d‑1(f) or 240.13d-1(g), check the following box [ ]. | |
| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent. | |
| * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. | |
| The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). |
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