QLT buys back $50 million of stock in Dutch auction tender

By Susanna Moon

Chicago, Jan. 30 - QLT Inc. said investors tendered 24.5 million shares in its modified Dutch auction tender offer, which expired at 5 p.m. ET on Jan. 26.

QLT accepted 20 million shares, or 26.8% of its common stock, at $2.50 per share for $50 million.

There is now 54.6 million shares outstanding.

The tender offer began on Dec. 5 for up to $50 million of QLT's common shares for not less than $2.20 and not more than $2.50 per share.

Goldman, Sachs & Co. and BMO Capital Markets were the dealer managers for the tender offer. Georgeson Shareholder Communications Inc. (866 733-9452) was the information agent.

Computershare Investor Services Inc. was the depositary.

QLT is a Vancouver, B.C.-based biopharmaceutical company.

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