VANCOUVER, Jan. 30 /CNW/ - 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24.5 million shares were properly tendered and not withdrawn at or below a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
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, photodynamic therapy, Atrigel(R) and punctal plugs with drugs, to
create products such as Visudyne(R) and Eligard(R) and future product
opportunities. For more information, visit our website at www.qltinc.com.QLT Plug Delivery, Inc. is a wholly-owned subsidiary of QLT Inc.
Atrigel is a registered trademark of QLT USA, Inc.
Visudyne is a registered trademark of Novartis AG.
Eligard is a registered trademark of Sanofi-aventis.QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
Certain statements in this press release constitute "forward-looking
statements" and "forward-looking information" of QLT, which involve known and
unknown risks, uncertainties and other factors that may cause QLT's actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. These statements are
only predictions and there are a number of risks, uncertainties and other
factors which could cause actual events to differ materially including market
factors and QLT's operating results and other factors described in detail in
QLT's Annual Information Form and Annual Report on Form 10-K, quarterly
reports on Form 10-Q and other filings with the SEC and Canadian securities
regulatory authorities. Forward-looking statements are based on QLT's current
expectations and QLT assumes no obligation to update such information to
reflect later events or developments, except as required by law.
For further information: QLT Inc. Media Contact: Vancouver, Canada,
Karen Peterson, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604)
707-7001; The Trout Group Investor Relations Contact: New York, USA, Christine
Yang, Telephone: (646) 378-2929 or Marcy Strickler, Telephone: (646) 378-2927