QLT says takeover target InSite Vision has received better offer

Commenting on the latest development relating to its proposed acquisition of InSite Vision (OTCBB: INSV), Canada’s QLT (TSX: QLT) says it has been advised that it has received an unsolicited offer from a multi-national pharmaceutical company, which constitutes a "Company Superior Proposal" as defined in the agreement and plan of merger (The Pharma Letter June 89.

QLT has made an all-stock offer of $0.178 per share of InSite that would create an ophthalmic specialty pharmaceutical company with a diversified portfolio of products, full R&D capabilities and innovative platform technologies. The new offer is at a price of $0.25 per share in cash.

InSite has further advised QLT that it intends, subject to QLT's right to match the proposal, to terminate the merger agreement and enter into an agreement with the new bidder to implement the proposal.

Under the merger agreement, QLT has the option until 5:00 pm PDT on August 26, 2015 to negotiate a possible amendment to the terms to match or exceed the proposal. InSite has advised QLT that it intends to negotiate in good faith with QLT during the negotiation period.