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Sun Pharmaceutical Industries is trading higher by 3% at Rs 889 on the BSE after the drug maker announced the acquisition plan of US-based eye care firm InSite Vision Inc.
“One of subsidiary of Sun Pharmaceutical Industries has entered into an agreement and plan of merger with InSite Vision Inc. (InSite Vision) under which a Sun Pharma subsidiary has offered to acquire InSite Vision,” the company said in a press release.
InSite Vision focuses on developing new specialty ophthalmic products, including three late stage programs. Sun Pharma is in the process of establishing a branded ophthalmic business in the US.
This proposed acquisition of InSite Vision, coupled with the recent in-licensing of Xelpros™ (Latanoprost BAK-free eye drops) in June 2015, are steps in this direction. These deals give Sun Pharma access to four late stage branded ophthalmic products in the US, it added.
Sun Pharma said, the acquisition is subject to InSite Vision’s stockholders tendering at least a majority of InSite Vision’s outstanding shares (determined on a fully diluted basis), or, alternatively, InSite Vision stockholders representing a majority of the outstanding shares of InSite Vision’s common stock voting to approve the transaction as required by applicable law, in addition to other customary closing conditions. The acquisition is expected to close in the fourth quarter of 2015.
The stock hit a high of Rs 890 and has seen a combined 2.1 million shares changed hands on the counter on the BSE and NSE till 10:08 a.m.
“One of subsidiary of Sun Pharmaceutical Industries has entered into an agreement and plan of merger with InSite Vision Inc. (InSite Vision) under which a Sun Pharma subsidiary has offered to acquire InSite Vision,” the company said in a press release.
InSite Vision focuses on developing new specialty ophthalmic products, including three late stage programs. Sun Pharma is in the process of establishing a branded ophthalmic business in the US.
This proposed acquisition of InSite Vision, coupled with the recent in-licensing of Xelpros™ (Latanoprost BAK-free eye drops) in June 2015, are steps in this direction. These deals give Sun Pharma access to four late stage branded ophthalmic products in the US, it added.
Sun Pharma said, the acquisition is subject to InSite Vision’s stockholders tendering at least a majority of InSite Vision’s outstanding shares (determined on a fully diluted basis), or, alternatively, InSite Vision stockholders representing a majority of the outstanding shares of InSite Vision’s common stock voting to approve the transaction as required by applicable law, in addition to other customary closing conditions. The acquisition is expected to close in the fourth quarter of 2015.
The stock hit a high of Rs 890 and has seen a combined 2.1 million shares changed hands on the counter on the BSE and NSE till 10:08 a.m.
