Sun Pharma completes acquisition of InSite Vision

Drug major Sun Pharmaceutical Industries today said it has completed acquisition of the US-based eyecare firm InSite Vision.

The acquisition was completed by means of a short-form merger under the Delaware law, Sun Pharma said in a statement.

Post merger, InSite Vision has become an indirect wholly-owned subsidiary of Sun Pharma.

The company in September had announced its plan to acquire InSite Vision for around $48 million plus related debt and other transaction costs to strengthen its branded ophthalmic portfolio in the US.

The company said each issued and outstanding share of InSite common stock was converted into the right to receive $0.35 as a result of the merger.

InSite will no longer have reporting obligations under the Securities Exchange Act of 1934 as amended.

"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," the statement added.