Dec 16 (Reuters) - QLT Inc QLT.TO :
* Commences breach of contract action against Valeant Pharmaceuticals (N:VRX)
* Alleges Valeant failed to pay $5 million laser earn-out milestone required
under the terms of 2012 asset purchase agreement with Valeant
* Claims failure of Valeant to use commercially reasonable efforts to promptly
obtain laser registrations for the qcellus laser in United States
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