Chennai, Sep 29 (IANS): India's Sun Pharmaceutical Industries Ltd (Sun Pharma) on Tuesday announced that has started a tender offer through Thea Acquisition Corporation - an indirect wholly owned subsidiary- for outstanding shares of the US-based InSite Vision.

In a statement, Sun Pharma said the offer price is $0.35 per share in case without interest and less any required withholding taxes.

It said the tender offer is in pursuant to an offer to purchase, dated September 29, 2015.

Sun Pharma on September 15 announced the agreement and the plan to merge InSite Vision and later amended and restated as of September 28 by and among InSite Vision, Ranbaxy Inc and Thea Acquisition Corporation.

According to Sun Pharma, the tender offer will expire on October 27 at 12 midnight New York city time unless extended as per regulations.

InSite Vision's board of directors has also approved the transaction and unanimously recommended that its stockholders tender their shares pursuant to the tender offer.

Earlier Sun Pharma said the transaction has a total equity value of approximately $48 million on fully diluted basis plus related debt and other transaction costs assuming all shares of InSite Vision are tendered in the offer.

Sun Pharma said InSite Vision focuses on developing new specialty ophthalmic products.

The Indian company is in the process of establishing a branded ophthalmic business in the US.