QLT to buy back 26.8% of its shares in completed tender offer

By Lisa Kerner

Charlotte, N.C., Jan. 27 - QLT Inc. said it expects to purchase 20 million, or 26.8%, of its common shares for $2.50 each for a total of $50 million in the modified Dutch auction tender offer that ended Jan. 26.

The results are preliminary and will be verified by Computershare Investor Services Inc., according to a QLT news release.

QLT, a Vancouver, B.C.-based biopharmaceutical company, began the offer on Dec. 5 for up to $50 million of its common shares for not less than $2.20 and not more than $2.50 per share, it was previously reported.

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.

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