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QLT Inc. announces agreement for sale of real estate
Date:5/15/2008

VANCOUVER, May 15 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced today that it has signed a sale and purchase agreement to sell the land and building comprising its corporate headquarters and an adjacent undeveloped parcel of land in Vancouver, British Columbia. Concurrent with the closing of the transaction, QLT will enter into a five-year lease of space in the building to continue its operations.

"We are very pleased that our strategic efforts to divest non-core assets have produced a transaction that we believe will enhance shareholder value," said Bob Butchofsky, President and Chief Executive Officer. "Our efforts to maximize shareholder value are our highest priority and we continue to aggressively pursue the divestiture of several other assets and focus our attention on programs that we believe will be sources of significant value for QLT's shareholders."

The sale and purchase agreement has been approved by the QLT board of directors. The transaction is subject to a number of closing conditions including: the completion of satisfactory physical, economic and environmental due diligence on the properties, receipt of title opinions, agreement on the form of lease with respect to QLT's tenancy, and the purchaser having obtained acceptable financing. Provided the closing conditions are removed within the time period provided under the sale and purchase agreement, closing of the transaction is expected to occur by mid-August. Due to the conditional nature of the agreement, there can be no assurance that the transaction will close as contemplated.

About QLT

QLT Inc. is a global biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapies. Our research and development efforts are focused on pharmaceutical products in the fields of ophthalmology and dermatology. In addition, we utilize three unique technology platforms, photodynamic therapy, Atrigel(R) and punct
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SOURCE QLT Inc.
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