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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

r to purchase and circular describing the terms of the tender offer is expected to be mailed to all shareholders on or about December 4, 2008. The tender offer will remain open for acceptance for at least 35 days after the date of its commencement, unless withdrawn or extended by the Company. The offer to purchase and circular will also be available on the United States Securities and Exchange Commission's website at www.sec.gov and on the website maintained by the Canadian Securities Administrators at www.sedar.com.

None of the Company, its Board of Directors, the information agent, the depositary or the dealer managers makes any recommendation to shareholders as to whether to tender or refrain from tendering their shares into the tender offer. Shareholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase by the Company. Please review the offer to purchase and circular and related documents carefully and consult with your financial and tax advisors prior to making any decision in respect of the offer.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of QLT common stock. The solicitation and the offers to buy QLT common stock will only be made pursuant to a separate offer to purchase and related materials. At the time the tender offer is commenced, QLT will file a Tender Offer Statement on Schedule TO with the United States Securities and Exchange Commission ("SEC"). Shareholders should carefully read the Tender Offer Statement, the offer to purchase, the related letter of transmittal and other related materials when they are available because they will contain important information, including the various terms and conditions of the offer. The offer to purchase, the rel
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SOURCE QLT Inc.
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