The tender offer, which is due to expire on 27 October, was made through Sun Pharma’s subsidiary Thea Acquisition for all of InSite Vision’s outstanding shares of common stock for $0.35 per share in cash.
The offer is in line with the earlier agreement and plan of merger that was unveiled earlier this month. The transaction is expected to be completed in the fourth quarter of this year.
InSite Vision has terminated its earlier announced second amended and restated merger agreement with QLT.
InSite Vision is advancing new specialty ophthalmologic products to treat diseases affecting the front and back of the eye.
The company has two commercial products based on its DuraSite platform approved for the treatment of bacterial eye infections, AzaSite (azithromycin ophthalmic solution) 1%, and Besivance (besifloxacin ophthalmic suspension) 0.6%.
AzaSite is formulated with DuraSite technology, which expands the residence time of the antibiotic azithromycin on the eye for several hours.
Inspire Pharmaceuticals launched AzaSite in the US in August 2007. Pharmaceutical firm Akorn is marketing the product.
Bausch & Lomb developed Besivance, which was launched in the US in the second half of 2009.