market reactionThe drop today doesn't surprise me at all. Given that QLT is sitting with a mountain of cash that they haven't found a good use for so far, and continue to generate lots every quarter, it doesn't make a great deal of sense to have this debt offering. They buy back shares with their existing cash...no problem. Buy out or partner with someone else...no problem given they've got a couple of hundred million to play with. But taking on the debt, I understand why the market is concerned. Wouldn't surprise me that the share buyback is to cover off options too.
Anyways, I hold the company and continue to do so, but management better come up with something good out of their bag of tricks or we can count on the price heading down again.