New Delhi : 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 firm said. The company, however, did not name the suitor but reports suggested it was Sun Pharmaceuticals.
When contacted a Sun Pharma spokesperson told PTI: “We don’t comment on market speculations.”
