Valeant Pharmaceuticals has acquired Visudyne® (verteporfin for injection), a photosensitiser used in the treatment of certain forms of wet age-related macular degeneration (AMD), from Canadian biotech QLT for a potential US$132.5 M. For QLT, which saw activist investors take over its board in June 2012, the drug sale is part of a strategic return to a traditional biotech R&D model. Sales of Visudyne have declined following the entry of anti-VEGF (vascular endothelial growth factor) therapies into the wet AMD market.