QLT takeover target InSite Vision receives another proposal

California, USA-based InSite Vision (OTCBB: INSV) says it has received an unsolicited proposal from an unidentified multi-national pharmaceutical company to acquire all outstanding shares of InSite Vision common stock at a price of $0.25 per share in cash. The proposal is non-binding and is subject to further due diligence.

As previously announced, InSite Vision is party to a merger agreement with Canada’s QLT (QLT: TSX) pursuant to which QLT would acquire InSite in an all-stock transaction in which InSite Vision’s stockholders would receive 0.048 QLT shares for each share of InSite Vision that they hold (The Pharma Letter June 9).

Consistent with its fiduciary duties and in accordance with its existing merger agreement with QLT, InSite Vision’s board of directors, in consultation with its financial and legal advisors, will carefully review all aspects of the new proposal and pursue the course of action that it believes is in the best interests of InSite’s stockholders. InSite’s stockholders do not need to take any action at this time.