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Merck completes acquisition of Inspire

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WHITEHOUSE STATION, N.J. — Merck has completed its acquisition of Inspire Pharmaceuticals for $5 per share in cash, the company announced in a press release.

"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," Beverly Lybrand, Merck's senior vice president and general manager of neuroscience and ophthalmology, said in the release.

Inspire will become a wholly owned subsidiary of Merck after merging with Monarch Transaction Corp., another wholly owned subsidiary of Merck.

Inspire shares will no longer be traded on the NASDAQ Global Market and the company's reporting obligations under the Securities and Exchange Act of 1934 will end, according to the release.