Under the terms of the of the definitive agreement and plan of merger, at closing of the InSite Acquisition InSite Vision shareholders will receive 0.048 common shares of QLT for each common share of InSite Vision they own, which equates to a value of $0.178 per InSite Vision share based on QLT's closing share price of $3.71 on June 5, 2015. This represents a 17.3% premium over InSite Vision’s 90-day volume-weighted average share price of $0.152 as of June 5, 2015.