QLT shareholder West Coast drops stake to 5.9%

By Lisa Kerner

Charlotte, N.C., Dec. 19 - A group of QLT, Inc. investors led by West Coast Asset Management, Inc. reported the sale of 1,179,085 shares of the company's stock in a schedule 13D/A filed with the Securities and Exchange Commission.

The shares were sold between Nov. 17 and Dec. 17 and priced from $1.78 to $2.15 each.

West Coast beneficially owns 4,408,596 shares, or 5.9%, of the Vancouver, B.C.-based biopharmaceutical company.

In October, West Coast said it may approach management about taking the company private or merging QLT with another company, a prior SEC filing said.

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