June 4, 2012 / 10:08 PM / 6 years ago

Dissident shareholder wins control of QLT board

(Reuters) - Canadian eye drug developer QLT Inc QLT.TO said six of the seven directors elected at the company’s annual general meeting on Monday were nominees of a dissident shareholder.

Last month, QLT had postponed its annual meeting after shareholder NB Public Equity Komplementar ApS disclosed a proxy campaign to take control of the Canadian pharmaceutical company’s board.

The Danish fund had said in a filing that it would nominate up to six new board members. QLT’s own slate had seven candidates.

The newly appointed board of directors also includes Kathryn Falberg, who had been nominated by both the shareholder and QLT’s management. Jason Aryeh was chosen as the board chairman.

NB Public Equity has a 15.2 percent stake in QLT, and ranks as its second-biggest shareholder, according to Thomson Reuters data. The fund, which invests mostly in biopharmaceutical companies, said in the filing that it thought a change was needed on the board, without revealing its reasoning.

“The company’s new directors are anxious to begin working with all of QLT’s exceptional and loyal employees to grow the company as we positively affect the lives of our patients,” said new chairman Jason Aryeh.

Reporting by Maneesha Tiwari in Bangalore; Editing by Sreejiraj Eluvangal

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