QLT announces removal of conditions on Cdn$65.5 million real estate transaction

    VANCOUVER, Aug. 8 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) announced
today that the conditions to close on its previously announced agreement to
sell the land and building comprising its corporate headquarters and an
adjacent undeveloped parcel of land in Vancouver, British Columbia have been
removed. The sale and purchase agreement provides for the sale of the real
estate to Discovery Parks Holdings Ltd. ("Discovery Parks"), an affiliate of
Discovery Parks Trust, a private Canadian trust that designs and builds
research facilities for the benefit of the people of British Columbia, for
Cdn$65.5 million. In conjunction with the sale, QLT will enter into a five
year lease with Discovery Parks for approximately thirty percent of the
facility and will provide two-year 6.5% interest-only second mortgage vendor
financing in the amount of Cdn$12 million. The transaction is now expected to
close at the end of August, 2008.
    "We are pleased to announce the removal of the conditions to close our
second asset deal, the sale of our land and building to Discovery Parks, a
unique organization that is dedicated to furthering research in the biotech
and technology industries," said Bob Butchofsky, President and Chief Executive
Officer. "This event brings us one step closer to completing the sale of
another non-core asset in connection with our strategic corporate
restructuring. We continue to work towards divesting the remainder of our
non-core assets including Atrigel and Eligard to further increase shareholder
    The transaction has been approved by the board of directors of each of
QLT and Discovery Parks. The transaction was subject to a number of closing
conditions including: the completion of satisfactory physical, economic and
environmental due diligence on the properties, receipt of title opinions,
agreement on the form of lease with respect to QLT's tenancy, and the
purchaser having obtained acceptable financing.

    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
fields of ophthalmology and dermatology. 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 web site at

    About Discovery Parks Trust

    Discovery Parks Trust is B.C.'s leading operator of office and laboratory
research space for the technology and life sciences sectors. By housing
spin-off companies and those seeking to develop stronger relationships with
post-secondary institutions, Discovery Parks' multi-tenant facilities provide
an essential bridge between industry and academia in B.C. for knowledge and
technology transfer. A unique social enterprise, Discovery Parks is a private
company with a public purpose. It has distributed more than $12.6 million of
its operating profits to benefit academic research in B.C. A leader in green
building development, Discovery Parks built Canada's first LEED-certified lab
building in 2003 and is currently constructing DiscoveryGreen in Burnaby, B.C.
    In 2002, Discovery Parks was recognized by its peers with the Outstanding
Research/Science Park Achievement Award from the Association of University
Research Parks. Discovery Parks is also a key contributor to the BC Technology
Industry Scholarship Fund, supporting young scientists and technologists in
their academic endeavours. For more information, visit Discovery Parks' web
site at http://www.discoveryparks.com.

    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 that are not historical facts
constitute "forward-looking statements" of QLT within the meaning of the
Private Securities Litigation Reform Act of 1995 and constitute
"forward-looking information" within the meaning of applicable Canadian
securities laws. Such statements include, but are not limited to: our
statements related to the closing of our real estate transaction, including
our expectations as to the timing therefor; our plans to divest certain other
non-core assets described in the press release; and statements which contain
language such as "expects," "will," "plans," "potential," "intends,"
"believes" and similar expressions that do not relate to historical matters.
Forward-looking statements are predictions only which involve known and
unknown risks, uncertainties and other factors that may cause actual results
to be materially different from those expressed in such statements. Factors
that could cause actual events or results to differ materially include, but
are not limited to: the risk that the sale of our real estate does not close
for any reason, and the timing of any such closing is uncertain; the Company's
ability to successfully complete the sale of one or more of the other assets
or operations at an acceptable price and the time period necessary to complete
such sales are uncertain; and other factors, including those described in
detail in QLT's Annual Report on Form 10-K, quarterly reports on Form 10-Q and
other filings with the U.S. Securities and Exchange Commission and Canadian
securities regulatory authorities. Forward-looking statements are based on the
current expectations of QLT and QLT does not assume any obligation to update
such information to reflect later events or developments except as required by

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)

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