Tuesday, April 5, 2011

Merck (MRK) Acquiring Inspire for $430 Million

Merck (NYSE:MRK) announced it is acquiring Inspire Pharmaceuticals (NASDAQ:ISPH) for approximately $430 million, citing the goal of expanding its product portfolio with treatments related to eye conditions.

The major product offered by Inspire is its pinkeye treatment Azasite.

Merck's offer is for $5 a share, a 26 percent premium over Monday's closing price.

The board of directors of Inspire has recommended shareholders in the company approve the deal.

Inspire was trading at $4.96, gaining $0.98, or 24.50 percent, as of 11:32 AM EDT. Merck was trading at $33.07, dropping $0.20, or 0.60 percent.

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