QLT retained by Merrill at buy

QLT Inc. was retained by Merrill Lynch at a buy rating with a $17 target, following its mutual agreement with Astellas Pharma Inc. - a private concern - to terminate their development, licensing and supply agreement for Aczone, a dapsone gel intended for the treatment of inflammatory and non-inflammatory acne. QLT shares on Wednesday lost 19.5 cents, or 1.8%, to close at $10.625 on volume of 1.33 million shares versus the three-month running average of 1.12 million.

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