Sun Pharma wraps up acquisition of InSite Vision

Highlights

Drug major Sun Pharmaceutical Industries on Tuesday said it has completed acquisition of US-based eye care firm InSite Vision.

New Delhi : Drug major Sun Pharmaceutical Industries on Tuesday said it has completed acquisition of US-based eye care 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.

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