Inspire Pharmaceuticals, a Raleigh drug-development company, announced this morning that it agreed to be bought by Merck for about $430 million.
Merck will pay $5 per share for Inspire, which earlier this year scrapped efforts to develop an experimental drug to treat cystic fibrosis.
Inspire's stock, which is down 36 percent in the past year, closed Monday at $3.98.
In February, Inspire announced it would cut about a quarter of its workforce, or 65 jobs, as it restructured to focus on products to treat various eye ailments.
The deal with Merck will end Inspire's run as one of the Triangle's successful independent drug companies.
Inspire's largest investor, Warburg Pincus, has agreed to the terms of the deal.