Merck Completes Acquisition of Inspire Pharmaceuticals, Inc.
May 16, 2011 10:30 am ET
Merck (NYSE:MRK), known as MSD outside the United States and Canada,
announced today that it is has completed its acquisition of Inspire
Pharmaceuticals, Inc., a specialty pharmaceutical company focused on
developing and commercializing ophthalmic products, for $5.00 per share
in cash.
“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.”
Effective today, Monarch Transaction Corp. a wholly-owned subsidiary of
Merck, has merged with and into Inspire, with Inspire surviving as a
wholly owned subsidiary of Merck. As a result of the merger, Inspire
shares have ceased trading on the NASDAQ Global Market and Inspire will
no longer have reporting obligations under the Securities and Exchange
Act of 1934, as amended.
About Merck
Today’s Merck is a global healthcare leader working to help the world be
well. Merck is known as MSD outside the United States and Canada.
Through our prescription medicines, vaccines, biologic therapies, and
consumer care and animal health products, we work with customers and
operate in more than 140 countries to deliver innovative health
solutions. We also demonstrate our commitment to increasing access to
healthcare through far-reaching policies, programs and partnerships. For
more information, visit www.merck.com.
Forward-looking statement
This news release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Such statements may include,
but are not limited to, statements about the benefits of the merger
between Merck and Schering-Plough, including future financial and
operating results, the combined company’s plans, objectives,
expectations and intentions and other statements that are not historical
facts. Such statements are based upon the current beliefs and
expectations of Merck’s management and are subject to significant risks
and uncertainties. Actual results may differ from those set forth in the
forward-looking statements.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the
possibility that the expected synergies from the merger of Merck and
Schering-Plough will not be realized, or will not be realized within the
expected time period; the impact of pharmaceutical industry regulation
and health care legislation; the risk that the businesses will not be
integrated successfully; disruption from the merger making it more
difficult to maintain business and operational relationships; Merck’s
ability to accurately predict future market conditions; dependence on
the effectiveness of Merck’s patents and other protections for
innovative products; the risk of new and changing regulation and health
policies in the United States and internationally and the exposure to
litigation and/or regulatory actions.
Merck undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Additional factors that could cause results to differ
materially from those described in the forward-looking statements can be
found in Merck’s 2010 Annual Report on Form 10-K and the company’s other
filings with the Securities and Exchange Commission (SEC) available at
the SEC’s Internet site (www.sec.gov).
Merck
Media Contact:
Ian McConnell, 908-423-3046
or
Investor Contact:
Carol Ferguson, 908-423-4465
