Merck Commences Tender Offer for Inspire Pharmaceuticals at $5.00 per Share

Merck MRK today announced the commencement of the tender offer for all outstanding shares of Inspire Pharmaceuticals, Inc. ISPH for $5.00 per share in cash without interest and less any applicable withholding taxes. The tender offer is being made by Monarch Transaction Corp., a wholly owned subsidiary of Merck, pursuant to a previously announced Agreement and Plan of Merger, dated as of April 5, 2011, by and among Merck, Monarch Transaction Corp. and Inspire. As previously disclosed, Warburg Pincus Private Equity IX, L.P., which owns approximately 28 percent of the outstanding shares of Inspire, has agreed, among other things, to tender all of its shares in the tender offer.