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Sun Pharmaceutical Industries announced that one of its subsidiary has entered into a merger agreement with California-based InSite Vision for Rs 300 crore ($48 million).
The acquisition is expected to close in the fourth-quarter of 2015.
InSite is engaged in developing new specialty ophthalmic products.
Sun Pharma, in a statement said that it is in the process of establishing a branded ophthalmic business in the US.
"This proposed acquisition of InSite Vision and the recent in-licensing of Xelpros in June 2015 are steps in this direction," it said.