New QLT chairman open to asset sales, share buyback

Tue Jun 5, 2012 5:28pm EDT
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TORONTO (Reuters) - The new chairman of Canadian eye-drug developer QLT Inc QLT.TO told Reuters on Tuesday he is open to new business partnerships and asset sales, and that he favors a share buyback and instituting a dividend and other tax-free capital returns to shareholders.

Jason Aryeh, founder and general partner of Jalaa Equities, a Connecticut-based private hedge fund focused on the biotechnology and specialty pharmaceutical sector, was elected chairman of QLT on Monday after an activist investor's slate of nominees prevailed in a shareholders' vote, signaling a shakeup at the company.

(Reporting By Claire Sibonney; Editing by Peter Galloway)