QLT Board authorizes exploration of strategic alternatives to enhance near- to mid-term shareholder value

    VANCOUVER, Nov. 28 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) today
announced that the Board of Directors has formed a Special Committee to review
all strategic alternatives available to the Company. The Special Committee,
comprised of three independent directors, has appointed Morrison & Foerster,
LLP as legal counsel to report directly to the Committee. The Committee has
been charged, among other things with the responsibility for exploring
alternative ways to maximize shareholder value, including transactions
involving the sale of all or part of the assets of the Company.
    The Board of Directors is currently reviewing proposals from several
investment bankers and expects to appoint a Financial Advisor in the near
future to assist the Special Committee in the evaluation of strategic
    Boyd Clarke, QLT's Chairman, said, "The Board of Directors believes that
the net value of the assets of the Company exceeds the value represented by
the stock price. We had hoped to address that disconnect through the
deployment of our current strategic plan. However, as the gap continues to
widen we have decided that, other than as contractually required, making
significant additional investments in all of our current products and
technologies would be inconsistent with our objective of maximizing
shareholder value. As a result with the help of external financial advisors we
are exploring all strategic options, which may include sale of all or part of
the assets of the company."

    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

    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."

    The statement in this press release that the Board of Directors believes
that the net value of the assets of the Company exceeds the value represented
by the stock price constitutes a "forward-looking statement" of QLT within the
meaning of the Private Securities Litigation Reform Act of 1995 and
constitutes "forward-looking information" within the meaning of applicable
Canadian securities laws. 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 Company's ability to
successfully complete the sale of one or more of its assets or operations at
an acceptable price and the time period necessary to complete such sales are
uncertain: the Company's future operating results are uncertain and likely to
fluctuate; currency fluctuations in primary markets might impact financial
results; the risk that future sales of Visudyne and Eligard may be less than
expected (including as a result of the timing and impact of existing
competitive products and/or new products launched by competitors and the level
of physician acceptance of Visudyne in combination with other agents); the
Company's reliance on third parties for the manufacture and marketing of
Visudyne and Eligard; the timing, expense and uncertainty associated with the
development and regulatory approval process for, and the manufacturing and
commercialization of, products and technologies; uncertainties associated with
the outcome and impact of the appeal of the MEEI decision; the cost of
litigation can be unpredictable and may increase our 2007 SG&A expenses and
adversely affect financial condition beyond what is currently expected; the
outcome and timing of the FDA decision to remove the label restriction on
Aczone is uncertain; general economic conditions 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 law.

For further information:

For further information: QLT Inc.: Vancouver, Canada, Therese Hayes,
Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001

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