InSite Vision gets second unsolicited takeover offer

US-based InSite Vision (OTCBB: INSV), which just a week ago agreed to accept a revised takeover offer from Canadian firm QLT (QLT: TSX; The Pharma Letter August 28), says it has now received a second unsolicited proposal from an unnamed global pharmaceutical company to acquire all outstanding shares of InSite Vision common stock at an increased price of $0.35 per share in cash.

The proposal is only subject to due diligence regarding the recently filed BromSite patent law suit, which InSite Vision believes is without merit. Johnson Matthey Pharmaceutical Materials, has filed a patent lawsuit in the US District Court for the District of Delaware in connection with activities relating to InSite Vision’s New Drug Application seeking commercial approval from the US Food and Drug Administration for BromSite (0.075% bromfenac) for the treatment of inflammation and prevention of pain associated with cataract surgery.

Under the revised terms, QLT would acquire InSite Vision in a transaction in which InSite Vision’s stockholders would receive 0.078 QLT shares for each share of InSite Vision stock, subject to a collar arrangement that would limit the maximum value of each share to $0.30, with a minimum value of each share of $0.25.