As per the terms of the agreement, Merck, through a subsidiary, will initiate a tender offer for all outstanding common stock of Inspireat a price of $5 per share in cash, a 26% premium to the closing price of Inspire’s common stock on April 4, 2011.
Upon the completion of the tender offer, Merck will acquire all remaining shares through a second-step merger.
Merck Neuroscience and Ophthalmology senior vice president and general manager Beverly Lybrand said this deal helps address the needs of patients and customers in ophthalmology and creates value for both companies.