ALAMEDA, Calif.—InSite Vision Inc. (OTCBB:INSV) has received a second unsolicited proposal from a global pharmaceutical company to acquire all outstanding shares of InSite Vision common stock at an increased price of $0.35 per share in cash, according to an announcement from the company. The proposal is only subject to due diligence regarding the recent BromSite patent lawsuit filed against InSite by Johnson Matthey Pharmaceutical Materials, Inc. InSite Vision believes the lawsuit is without merit.

As reported by VMail, InSite Vision is party to a merger agreement with QLT Inc. pursuant to which QLT would acquire InSite Vision in a transaction in which InSite Vision’s stockholders would receive 0.078 QLT shares for each share of InSite Vision stock, subject to a collar arrangement that would limit the maximum value of each share to $0.30, with a minimum value of each share of $0.25.

Consistent with its fiduciary duties and in accordance with its existing merger agreement with QLT, InSite Vision’s board of directors, in consultation with its financial and legal advisors, will carefully review all aspects of the new proposal and pursue the course of action that it believes is in the best interests of InSite Vision’s stockholders, the company said. InSite Vision stockholders do not need to take any action at this time.

InSite Vision remains subject to its existing merger agreement with QLT, and the InSite Vision board of directors has not changed its recommendation in support of the QLT transaction, the existing merger agreement with QLT or its recommendation that InSite Vision stockholders adopt the existing merger agreement with QLT, according to InSite.