ALAMEDA, Calif.--(BUSINESS WIRE)--InSite Vision Incorporated (OTCBB: INSV) (“InSite”) today announced that Merck & Co., Inc., through its subsidiary Inspire Pharmaceuticals, Inc. (“Merck”), has agreed to amend the payment terms of the existing AzaSite® (azithromycin ophthalmic solution) 1% license agreement. On a quarterly basis, Merck will pay InSite the higher of the pro-rata annual minimum royalty or the earned royalty for 2012 and 2013. In addition, in August 2012, Merck will pay InSite a catch-up payment for the difference between the earned royalty already paid for the fourth quarter of 2011 and the first and second quarters of 2012, and the pro-rata annual minimum royalties for those quarters.
