Eye drug developer QLT Inc said it plans to buy back up to 3.4 million of its shares over the next year as the first step in a plan to return $100 million to stockholders. The plan follows the sale by QLT earlier this of Visudyne, its flagship drug, to Valeant Pharmaceuticals Inc. for $112.5 million. QLT chairman Jason Aryeh said the share repurchase is just the initial step in the board's announced commitment to return $100 million of capital to shareholders. Under the share repurchase plan, QLT may buy up to 2,057 shares per day, 25 per cent of its average daily trading volume over the last six months, according to rules on the Toronto Stock Exchange. QLT is refocusing its business on new drug development.
