Auxilium merges with Canadian biotech in tax-inversion effort

Share this article:

Auxilium stated today it will merge with Canadian biotechnology company QLT. Under the agreement, QLT will now be known as “New Auxilium.” The new leadership team will include two current QLT directors, although the company stated that it “does not expect any material changes to its current US operations or employment as a result of this transaction.” QLT is based out of Vancouver, and as such the newly combined company will take advantage of Canada's lower corporate tax rate, in what the New York Times called “one of the smallest inversions in recent years.” Auxilium's new tax rate is believed to be in the mid-20% range, according to the NYT.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Avastin pockets another Priority Review label

It's the second for this cancer drug in two weeks.

Court invalidates some healthcare subsidies

The lawsuit has been wending its way through the courts for a while, and, although it is being deliberated in several other venues, the decision is part of a legal dispute that puts patients in the 36 states offering federal exchanges in limbo.

FDA generic division overhaul kicks in

The Food and Drug Administration has been intent on elevating and reorganizing its office of Generic Drugs since 2012.