FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

FREY KIP 		2. Issuer Name and Ticker or Trading Symbol

INSPIRE PHARMACEUTICALS INC [ ISPH ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O INSPIRE PHARMACEUTICALS, INC., 8081 ARCO CORPORATE DRIVE, SUITE 400 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/13/2011
(Street)

RALEIGH, NC 27617
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   5/13/2011     U    2000   D $5.00   0   I   By Children  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $5.82   5/13/2011     D         10164      (1) 6/2/2017   Common Stock   10164     (1) 0   D    
Stock Option (Right to Buy)   $5.05   5/13/2011     D         30000      (1) 6/4/2016   Common Stock   30000     (1) 0   D    
Stock Option (Right to Buy)   $5.00   5/13/2011     D         30000      (1) 6/9/2015   Common Stock   30000     (1) 0   D    
Stock Option (Right to Buy)   $5.46   5/13/2011     D         30000      (1) 6/7/2014   Common Stock   30000     (1) 0   D    
Stock Option (Right to Buy)   $4.39   5/13/2011     D         10000      (2) 6/12/2013   Common Stock   10000     (2) 0   D    
Stock Option (Right to Buy)   $4.39   5/13/2011     D         4000      (2) 6/12/2013   Common Stock   4000     (2) 0   D    
Stock Option (Right to Buy)   $4.39   5/13/2011     D         2000      (2) 6/12/2013   Common Stock   2000     (2) 0   D    
Stock Option (Right to Buy)   $6.92   5/13/2011     D         20000      (1) 6/9/2012   Common Stock   20000     (1) 0   D    
Stock Option (Right to Buy)   $6.92   5/13/2011     D         4000      (1) 6/9/2012   Common Stock   4000     (1) 0   D    
Stock Option (Right to Buy)   $6.92   5/13/2011     D         2000      (1) 6/9/2012   Common Stock   2000     (1) 0   D    
Stock Option (Right to Buy)   $16.76   5/13/2011     D         10000      (1) 6/10/2014   Common Stock   10000     (1) 0   D    
Stock Option (Right to Buy)   $16.76   5/13/2011     D         4000      (1) 6/10/2014   Common Stock   4000     (1) 0   D    
Stock Option (Right to Buy)   $16.76   5/13/2011     D         2000      (1) 6/10/2014   Common Stock   2000     (1) 0   D    
Stock Option (Right to Buy)   $2.76   5/13/2011     D         32066      (2) 6/4/2012   Common Stock   32066     (2) 0   D    
Restricted Stock Unit     (3) 5/13/2011     D         6873      (3)   (3) Common Stock   6873     (3) 0   D    

Explanation of Responses:
( 1)  These stock options were cancelled in accordance with the terms and conditions of the Agreement and Plan of Merger, dated as of April 5, 2011, by and among, Merck & Co., Inc., Monarch Transaction Corp. and Inspire Pharmaceuticals, Inc. (the "Merger Agreement"). As the exercise price of the options was at or above $5.00, no cash payment was provided.
( 2)  These stock options were cancelled in accordance with the Merger Agreement in exchange for the right to receive cash payment in accordance with the Merger Agreement. The cash payment for each such option equals the product of (x) the number of shares issuable upon the exercise of such option multiplied by (y) the excess of $5.00 over the exercise price per share for each such option, without interest subject to any required withholding of taxes and the exercise price of such option.
( 3)  Pursuant to the Merger Agreement, these restricted stock units ("RSUs"), whether or not vested, were fully vested immediately prior to and cancelled immediately following the acceptance time under the Merger Agreement in exchange for the right to receive cash payment for each such RSU of $5.00, net to the seller in cash, without interest and less any required withholding taxes.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
FREY KIP
C/O INSPIRE PHARMACEUTICALS, INC.
8081 ARCO CORPORATE DRIVE, SUITE 400
RALEIGH, NC 27617 		X



Signatures
/s/ Edward P. Bromley III, Attorney-in-Fact 5/13/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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