Sept 15 (Reuters) - InSite Vision Inc:
* Says deal for approximately $48 million in aggregate equity value, on a fully
diluted basis
* Says terminates merger agreement with QLT Inc
* Insite vision-co, unit of Sun pharma industries entered agreement under which
indirect unit of Sun pharma will acquire co in an all-cash transaction
* Says deal for $0.35 per share
* Says board determined that the Sun pharma transaction represented a company
superior proposal under the QLT merger agreement
* Co was required to pay $2.7 million termination fee to QLT;the Sun pharma
subsidiary has paid this fee to QLT on insite's behalf
* Source text for Eikon ID:nBw7gQGFpa
* Further company coverage INSV.PK