VANCOUVER, Jan. 27 /CNW/ - QLT Inc. ("QLT") (NASDAQ: QLTI; TSX: QLT)
announced the preliminary results of its modified "Dutch Auction" tender offer
(the "Offer"), which expired at 5:00 p.m. (Eastern time) on January 26, 2009.
Based on the preliminary report of the depository for the Offer, QLT
expects to purchase for 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. Shareholders who deposited Shares under the Offer will
have approximately 81.8% of their Shares deposited purchased for cancellation,
subject to certain limited exceptions. After the repurchase, approximately
54.6 million Shares will remain outstanding.
The number of Shares to be purchased and the price per Share under the
Offer are preliminary. Final results will be determined subject to
confirmation by the depository of the proper delivery of the Shares validly
tendered and not withdrawn.
QLT and the depository expect that the exact number of Shares to be taken
up and paid for under the Offer will be determined on or before January 29,
2009. Payment for Shares tendered and accepted for purchase will be made
promptly thereafter. The Shares deposited but not purchased, including Shares
invalidly deposited, will be returned as promptly as possible.
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. For questions and information about the Offer, please contact the
information agent, toll free, at 1-866-733-9452.
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 our 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 but
not limited to variations in the depository's preliminary count and the fact
that our intention to purchase our common shares may be impacted by market
factors and our operating results, and by 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 our 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:
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)