QLT launches tender offer for up to 13 million common shares

By Angela McDaniels

Seattle, Aug. 3 - QLT Inc. will repurchase up to 13 million common shares through a modified Dutch auction tender offer, according to a company news release.

Shareholders may tender all or a portion of their shares at a price that is not less than $7.00 and not more than $8.00 until 5 p.m. ET on Sept. 8.

Based on the number of shares tendered and the prices specified by the tendering shareholders, QLT said it will determine the lowest per share price within the range that will allow it to buy up to 13 million shares, which represents 14.75% of the 88.2 million shares outstanding at July 26.

If more than 13 million shares are tendered at or below the determined price per share, QLT will repurchase tendered shares at the determined price on a pro rata basis. All shares will be repurchased by the company at the same price, even if the shareholders selected a lower price.

Merrill Lynch & Co. (877 653-2948 or 609 818-8000) and BMO Capital Markets (604 443-1445) are dealer managers for the tender offer. Georgeson Shareholder Communications Inc. (866 533-2948) is information agent, and Computershare Investor Services Inc. it the depositary.

QLT is a biopharmaceutical company based in Vancouver, B.C., that develops treatments for eye diseases and for dermatological and urological conditions.

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