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May 16, 2011

Merck closes on Inspire acquisition

Filed under: Uncategorized — admin @ 2:45 pm

 ATLANTA, GA - Merck has completed its acquisition of Raleigh-based Inspire Pharmaceuticals Inc., the global drug and vaccine maker announced Monday.

Merck (NYSE: MRK) bought Inspire for $5 per share in cash, and Inspire shares have ceased trading on the Nasdaq. Monarch Transaction Corp., a wholly owned subsidiary of Merck, merged with Inspire, with the latter surviving as the wholly owned subsidiary. “We are excited to complete this compelling and highly complementary acquisition of Inspire,” said Beverly Lybrand, senior vice president and general manager, neuroscience and ophthalmology, Merck. “The successful completion of this transaction strengthens our ophthalmology business and positions us for future growth with an expanded portfolio and a best in class commercialization organization.”

On Friday, Merck completed the cash tender offer for all outstanding shares of Inspire. The Whitehouse Station, N.J.-based company had announced April 5 that it was buying Inspire, which develops eye care treatments. Inspire in February had stopped a decade-long research of cystic fibrosis treatment, denufosol, after the drug candidate failed phase III trials.

Inspire posted a net loss of $17.6 million May 10 after announcing more than $12 million in restructuring changes.

Read more: Merck closes on Inspire acquisition | Triangle Business Journal

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