Sun Pharmaceutical Industries, an international, integrated, speciality pharmaceutical company today announced a sucesssful acquisition of U.S-based, InSite Vision, an ophthalmic product development company.
Sun Pharma had announced its plans in September 2015 to acquire Insite Vision for a total equity value of approximately USD 48 million plus related debt.
The acquisition was completed by means of a short-form merger under the Delaware law. Post merger, InSite Vision has become an indirect wholly-owned subsidiary of Sun Pharma."
The company said, "As a result of the merger, the issued and outstanding share of InSite common stock was converted into the right to receive USD 0.35."
"Holders of shares of InSite common stock that did not tender their shares into the tender offer will receive by mail written instructions for surrendering their share certificates or transferring their book-entry shares, including a letter of transmittal, and information regarding the exercise of appraisal rights under the Delaware law," it added.
Also, InSite Vision will no longer have reporting obligations under the Securities Exchange Act of 1934 as amended.
As a result of this merger, Sun Pharma will strengthen its branded ophthalmic portfolio in U.S market.
Shares of the company gained Rs 0.05, or 0.01%, to trade at Rs 865.55. The total volume of shares traded was 171,012 at the BSE (1.42 p.m., Tuesday).