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QLT to repurchase up to US$ 50 million of common shares - Modified "Dutch Auction" tender offer to commence on or about December 4, 2008
Date:12/1/2008

    Range of $2.20 to $2.50 per share represents a premium of 16% to 32% from
    previous day's closing price

VANCOUVER, Dec. 1 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced that its Board of Directors has authorized management to proceed with a modified "Dutch Auction" tender offer to purchase a number of shares of its common stock that does not exceed an aggregate purchase price of US$50 million. Under the terms of the tender offer, shareholders will have the opportunity to tender all or a portion of their shares at a price not less than US$2.20 per share and not greater than US$2.50 per share, representing a premium of 16-32% from the stock's closing price on November 28, 2008. QLT will select the lowest per-share purchase price within the anticipated offer range that will allow it to buy up to US$50 million of its outstanding common shares at the completion of the offer. The tender offer will be subject to the terms and conditions described in the offer to purchase and circular and the related materials that will be distributed to shareholders.

The tender offer will be financed from the Company's existing cash reserves.

Bob Butchofsky, President and Chief Executive Officer, said, "Even though our asset divestiture process is not yet complete, our Board has decided to undertake this share buyback now to fulfill our commitment to return cash to shareholders and because we believe that the current stock price does not reflect the intrinsic value of QLT. We believe this tender offer strikes the right balance between returning capital to shareholders while leaving sufficient funds to continue the development of QLT's business."

Tender Offer

The terms and conditions of the tender offer will be set out in an offer to purchase and circular to be mailed to sha
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SOURCE QLT Inc.
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