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QLT announces final results of tender offer
Date:1/30/2009

VANCOUVER, Jan. 30 /PRNewswire-FirstCall/ - QLT Inc. ("QLT") (NASDAQ: QLTI; TSX: QLT) announced the final results of its modified "Dutch Auction" tender offer (the "Offer"), which expired at 5:00 p.m. (Eastern time) on January 26, 2009.

QLT has accepted for purchase and cancellation 20,000,000 of its common shares (the "Shares") at a price of US$2.50 per Share, for a total cost of US$50 million. The purchased Shares represent approximately 26.8% of the Shares outstanding as of January 26, 2009. With the completion of the Offer, QLT now has approximately 54.6 million Shares outstanding.

Based on the final report of the depository for the Offer, approximately 24.5 million shares were properly tendered and not withdrawn at or below a price of US$2.50 per Share. Shareholders who deposited Shares will have approximately 81.8% of their Shares tendered purchased for cancellation, subject to certain limited exceptions as described in the offer to purchase and issuer bid circular of QLT filed with the securities regulatory authorities in the United States and Canada on December 5, 2008, as amended on January 15, 2009. Payment for the Shares accepted for purchase and the return of all other Shares tendered and not accepted for purchase will be carried out promptly by the depository.

Goldman, Sachs & Co. and BMO Capital Markets served as dealer managers for the Offer. Georgeson Shareholder Communications Canada, Inc. served as information agent and Computershare Investor Services Inc. served as the depository.

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 field of ophthalmology. In addition, we utilize three unique technology platforms,
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SOURCE QLT Inc.
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