InSite Vision and QLT revise merger terms

US-based InSite Vision (OTCBB: INSV) on Thursday said it has revised the merger agreement under which Canadian firm QLT (QLT: TSX) will acquire InSite Vision. Under the new terms QLT will acquire InSite Vision in a share-for-share deal.

Tim Ruane, chief executive of InSite Vision, said: “The amended merger agreement with QLT provides a significant improvement in value for our shareholders. The new agreement provides assurance of at least $0.25 per share and provides potential upside appreciation, depending on QLT’s trading prices, to up to $0.30 per share.”

The revised merger consideration will be payable in QLT common shares based on an exchange ratio equal to 0.078x of a QLT common share per share of InSite common stock.