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QLTI Announces Preliminary Results of Repurchase Tender Offer

[The tender will shrink the shares outstanding by approximately 15% at a cost to the company of $104M.]

http://biz.yahoo.com/prnews/060911/to453.html?.v=3

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Monday September 11, 6:00 am ET

Company Expects to acquire 13 million shares at US$8.00 per share

VANCOUVER, Sept. 11 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI ; TSX: QLT) announced the preliminary results of its modified "Dutch Auction" tender offer, which expired at 5:00 p.m., Eastern Time, on Friday, September 8, 2006.

Based on the preliminary count by the depositary for the tender offer, QLT expects to purchase for cancellation 13 million shares of its common stock at a price of US$8.00 per share, for a total cost of US$104 million. These shares represent approximately 14.7% of the shares outstanding as of September 8, 2006. Shareholders who deposited common shares to the tender offer will have approximately 96.5% of their common shares deposited purchased for cancellation, subject to certain limited exceptions. After the repurchase, approximately 75.2 million common shares will remain outstanding.

QLT and the depositary expect that the exact number of common shares to be taken up and paid for under the offer will be determined on or before September 15, 2006. Payment for common shares tendered and accepted for purchase will be made promptly thereafter. The common shares not purchased, including shares invalidly deposited, will be returned as promptly as possible.

Merrill Lynch & Co. and BMO Capital Markets served as dealer managers for the tender offer. Georgeson Shareholder Communications Inc. served as information agent and Computershare Investor Services Inc. served as the depositary. For questions and information about the tender offer, please contact the information agent, Georgeson Shareholder Communications Inc., toll free at [phone].

About QLT

QLT Inc. is a global biopharmaceutical company specializing in developing treatments for eye diseases as well as dermatological conditions. Together with our subsidiaries, we have combined our expertise in the discovery, development and commercialization of innovative drug therapies with our two unique technology platforms, photodynamic therapy and Atrigel®, to create products such as Visudyne® and Eligard®. For more information, visit our web site at www.qltinc.com.
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