Drug major Sun Pharmaceutical Industries is said to be in race to acquire US-based eye care firm InSite Vision Inc at a price of USD 0.35 per share.
"InSite's Board of Directors has determined that the previously announced unsolicited offer from a global pharmaceutical company to acquire all outstanding shares of InSite Vision common stock at USD 0.35 per share in an all- cash transaction constitutes a 'Company Superior Proposal' as defined in InSite's previously announced definitive agreement with QLT Inc dated as of August 26, 2015," the US-based company said.
The company, however, did not name the suitor but reports suggested it was Sun Pharmaceuticals.
Earlier in August, InSite Vision announced a definite agreement with drug firm QLT.
InSite has notified QLT of the InSite Board of Directors' determination and will engage in discussions with the Bidder, it added.
"Under the QLT merger agreement, InSite would be required to pay a USD 2,667,000 termination fee to QLT if the InSite Board of Directors terminates the QLT merger agreement in favour of an agreement with the Bidder. The Bidder has agreed to pay the termination fee to QLT on InSite's behalf in such event," InSite said.
When contacted a Sun Pharma spokesperson said: "We don't comment on market speculations." On the other hand, a reply from InSite Vision could not be obtained by the time of filing the story.
