New combined biotech firm to focus on developing ocular, oncology, dermatology and urology products

Vancouver, BC and Fort Collins, CO – June 14, 2004 – QLT and Atrix Laboratories say they have signed an agreement for QLT to acquire 100% of Atrix’s common stock for approximately $855 million in stock and cash, taking a significant step toward becoming a fully-integrated, biopharmaceutical company.

QLT focusses on ocular disease and other therapeutic areas including dermatology, oncology and urology, which it says is a strong complementary fit with Atrix’s therapeutic focus.

“This transaction will accelerate both companies’ strategic initiatives and creates a world-class biopharmaceutical company with multiple partnered commercial and near commercial products, a strong and diverse revenue base, a robust pipeline and the financial resources to grow faster and create sustainable shareholder value beyond what either company might have achieved independently,” said Paul Hastings, president and chief executive officer of QLT.