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                          SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC  20549


                                     SCHEDULE 13G
                                    (RULE 13d-102)


               INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
             TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                                 PURSUANT TO 13d-2(b)

                                 (AMENDMENT NO. __)(1)

                              QLT PHOTOTHERAPEUTICS INC.
                             ---------------------------
                                   (Name of Issuer)

                                     COMMON STOCK
                                    --------------
                            (Title of Class of Securities)

                                     746927 10 2
                                   ----------------
                                    (CUSIP Number)

                                    JANUARY 5, 1999
                                  ------------------
               (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

          / /  Rule 13d-1(b)
          /x/  Rule 13d-1(c)
          / /  Rule 13d-1(d)

- -----------------

(1)  The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

     The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


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- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 2 OF 7 PAGES
- --------------------------------           -----------------------------------

- --------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON:
           BIOTECHNOLOGY VALUE FUND, L.P.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /x/  (b) / /
- --------------------------------------------------------------------------------
  3   SEC USE ONLY

- --------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- --------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  0
      SHARES       -------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
  OWNED BY EACH             673,250
    REPORTING      -------------------------------------------------------------
      PERSON       7   SOLE DISPOSITIVE POWER
       WITH                 0
                   -------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            673,250
- --------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           673,250
- --------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                / /
- --------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           2.5%
- --------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           PN
- --------------------------------------------------------------------------------

                        * SEE INSTRUCTIONS BEFORE FILLING OUT!

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- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 3 OF 7 PAGES
- --------------------------------           -----------------------------------

- --------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON:
           BVF PARTNERS L.P.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                              (a) /x/ (b) / /
- --------------------------------------------------------------------------------
  3   SEC USE ONLY

- --------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- --------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  0
      SHARES       -------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
     OWNED BY               1,343,300
       EACH        -------------------------------------------------------------
    REPORTING      7   SOLE DISPOSITIVE POWER
      PERSON                0
       WITH        -------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            1,343,300
- --------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           1,343,300

- --------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                / /
- --------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           4.9%
- --------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           PN
- --------------------------------------------------------------------------------

                        * SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 4 OF 7 PAGES
- --------------------------------           -----------------------------------

- --------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSONS
           BVF INC.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /x/  (b) / /
- --------------------------------------------------------------------------------
  3   SEC USE ONLY

- --------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- --------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  0
      SHARES      --------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
     OWNED BY               1,343,300
      EACH        --------------------------------------------------------------
    REPORTING      7   SOLE DISPOSITIVE POWER
     PERSON                 0
      WITH        --------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            1,343,300
- --------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           1,343,300
- --------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                / /
- --------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           4.9%
- --------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           IA, CO
- --------------------------------------------------------------------------------

                        * SEE INSTRUCTIONS BEFORE FILLING OUT!


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- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 5 OF 7 PAGES
- --------------------------------           -----------------------------------

ITEM 1(a).     NAME OF ISSUER:

               QLT Phototherapeutics Inc. ("QLT")

ITEM 1(b).     ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

               QLT Place
               520 West 6th Avenue
               Vancouver, British Columbia  V5Z 4H5
               Canada

ITEM 2(a).     NAME OF PERSON FILING:

               This schedule is being filed on behalf of the following persons*:

               (i)   Biotechnology Value Fund, L.P. ("BVF")
               (ii)  BVF Partners L.P.  ("Partners")
               (iii) BVF Inc. ("BVF Inc.")

               *     Attached as Exhibit A is a copy of an agreement among the
                     persons filing (as specified hereinabove) that this
                     Schedule 13G is being filed on behalf of each of them.

ITEM 2(b).  ADDRESS OF PRINCIPAL BUSINESS OFFICE:

          The principal business office of the persons comprising the group
filing this Schedule 13G is located at 333 West Wacker Drive, Suite 1600,
Chicago, Illinois  60606.

ITEM 2(c).     CITIZENSHIP:
          
               BVF:                     a Delaware limited partnership
               Partners:                a Delaware limited partnership
               BVF Inc.:                a Delaware corporation

ITEM 2(d).     TITLE OF CLASS OF SECURITIES:

               Common Stock

ITEM 2(e).     CUSIP NUMBER:

               746927 10 2


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- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 6 OF 7 PAGES
- --------------------------------           -----------------------------------

ITEM 3.   IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(c),
          CHECK THIS BOX: /X/

ITEM 4.   OWNERSHIP:

          The information in items 1 and 5 through 11 on the cover pages (pp. 
2 - 5) on Schedule 13G is hereby incorporated by reference.  The 673,250 
shares reported by BVF includes  immediately exercisable calls to purchase up 
to 214,000 shares of Common Stock.  The 1,343,300 shares reported by Partners 
and BVF Inc. includes immediately exercisable calls to purchase up to 450,000
shares of Common Stock.

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

          If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities check the following.  /X/

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

          BVF shares voting and dispositive power over the shares of the common
stock it beneficially owns with Partners.  Partners and BVF Inc. share voting
and dispositive power over the shares of the common stock they beneficially own
with, in addition to BVF, certain managed accounts on whose behalf Partners, as
investment manager, purchased such shares.  None of the managed accounts
individually owns more than 5% of the common stock of QLT.  

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
          SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

          Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:

          Not applicable.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP:

          Not applicable.


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- --------------------------------           -----------------------------------
 CUSIP NO. 746927 10 2              13G            PAGE 7 OF 7 PAGES
- --------------------------------           -----------------------------------

ITEM 10.  CERTIFICATION

          By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

          After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:    January 15, 1999.


     BIOTECHNOLOGY VALUE FUND, L.P.

     By:  BVF Partners L.P., its general partner

          By:  BVF Inc., its general partner


               By: /s/ Mark N. Lampert
                  -----------------------------------
                     Mark N. Lampert
                     President


     BVF PARTNERS L.P.

     By:  BVF Inc., its general partner


          By: /s/ Mark N. Lampert
              -----------------------------
               Mark N. Lampert
               President


     BVF INC.


     By: /s/ Mark N. Lampert
        -------------------------------
          Mark N. Lampert
          President


<PAGE>

                                                       EXHIBIT A


                           AGREEMENT REGARDING JOINT FILING



     The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the information
required by Schedule 13G, to which this Agreement is attached as an exhibit, is
filed on behalf of each of them.  The undersigned further agree that any
amendments or supplements thereto shall also be filed on behalf of each of them.


Dated:  January 15, 1999


     BIOTECHNOLOGY VALUE FUND, L.P.

     By:  BVF Partners L.P., its general partner

          By:  BVF Inc., its general partner


               By: /s/ Mark N. Lampert
                  -------------------------------
                     Mark N. Lampert
                     President

     BVF PARTNERS L.P.

     By:  BVF Inc., its general partner


          By: /s/ Mark N. Lampert
             --------------------------------
               Mark N. Lampert
               President


     BVF INC.

     By: /s/ Mark N. Lampert
        ------------------------------
          Mark N. Lampert
          President