California-based InSite Vision has terminated its agreement with QLT Inc. in favor of entering a merger agreement with a subsidiary of Sun Pharmaceutical Industries.
InSite and Sun have entered into a merger agreement under which an indirect wholly owned subsidiary of Sun Pharma will acquire InSite in an all-cash transaction for $0.35 per share, or approximately $48 million.
In connection with InSite’s termination of the QLT merger agreement, InSite was required to pay a $2,667,000 termination fee to QLT. Sun Pharma has paid this fee to QLT on InSite’s behalf.
Vancouver-based QLT is a biotech company specializing in ocular products. The acquisition of InSite, a developer of specialty ophthalmology drugs, would have added two approved products to QLT’s portfolio: AzaSite conjunctivitis treatment and Besivance, an antibiotic for eye infections.
Read the InSite press release