Sun Pharma to acquire InSite Vision; stock gains 2.3%

Shares of Sun Pharmaceutical Industries rose 2.3 percent intraday Wednesday as its subsidiary has entered into an agreement for acquisition of InSite Vision.
 InSite Vision focuses on developing new specialty ophthalmic products, including three late stage programs. 
Sun Pharma is in the process of establishing a branded ophthalmic business in the US and these deals will give access to four late stage branded ophthalmic products in the US. 
For the 6-month period ended June 30, 2015, InSite Vision recorded revenues of USD 3.8 million, an EBITDA loss of USD 6.4 million and a net loss of USD 7.5 million. 
The share has been in limelight post the company's subsidiary Taro launching Keveyis which is used to treat periodic paralysis.

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