QLT to acquire InSite Vision in all-stock deal

9 June 2015

USA-based InSite Vision (OTCBB: INSV) says it has entered into a definitive agreement to be acquired by Canadian firm QLT (QLT: TSX) in an all-stock transaction for $0.178 per share that will create an ophthalmic specialty pharmaceutical company with a diversified portfolio of products, full R&D capabilities and innovative platform technologies.

The transaction is expected to drive shareholder value by accelerating both companies’ development pipelines, increasing product diversity and improving balance sheet strength. Shares of QLT gained 7.55% to $3.99 by close of trading on Monday, while InSite leapt 23.2% to $0.1725 pre-market.

The newly-formed company will be incorporated in Canada and led by a combined InSite Vision and QLT leadership team. With operations in Alameda, California and Vancouver, British Columbia, and headquarters in Vancouver, the new company will retain the name of QLT, and will continue to trade on Nasdaq under the ticker QLTI and on the Toronto Stock Exchange (TSX) under the ticker QLT.

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