Inspiration Biopharmaceuticals and Ipsen Complete Sale Process by xiuliliaofz

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         Inspiration Biopharmaceuticals and Ipsen Complete Sale
                     Process for All Hemophilia Assets

              Total aggregate consideration for all assets may exceed $1 billion

       Cangene Corporation will acquire worldwide rights to IB1001 (recombinant factor
                                             IX)
                                                	
  




Cambridge, MA February 6, 2013 – Inspiration Biopharmaceuticals (Inspiration) and Ipsen
today announced the sale of its proprietary hemophilia B product, IB1001 (recombinant FIX), to
Cangene Corporation (TSX: CNJ) (Cangene). Ipsen (Euronext: IPN; ADR: IPSEY) sold its
commercialization rights to IB1001 as part of the transaction. Cangene will acquire worldwide
rights to IB1001, a recombinant factor IX currently under regulatory review in the United States
and Europe. This transaction follows the announcement last month that Inspiration and Ipsen
had agreed to sell OBI-1 (recombinant porcine FVIII) to Baxter International. The announcement
of today’s transaction completes the sale process of Inspiration’s hemophilia programs.
Inspiration and Ipsen have signed an asset purchase agreement pursuant to which Cangene
would acquire worldwide rights to IB1001, as well as Inspiration’s rights to two product
candidates in pre-clinical development: IB1007 (recombinant FVIIa) and IB1008 (recombinant
FVIII). The total aggregate consideration for these rights may exceed $300 million; including the
upfront payment of $5.9 million, sales milestones totaling $50 million and annual net sales
payments tiered up to a double-digit percentage of global net sales.
Inspiration and Ipsen previously announced the sale of OBI-1 to Baxter International for a total
aggregate consideration that may exceed $700 million, including $135 million in upfront and
milestone payments. The United States Bankruptcy Court in Boston approved that transaction
on January 24, 2012. With the signing of the transaction for IB1001, total aggregate
consideration for Inspiration’s assets may exceed $1 billion.
John P. Butler, Inspiration’s Chief Executive Officer commented; “OBI-1 and IB1001 are
important products for people living with hemophilia, bringing innovation and expanding
treatment options. We are very pleased that Baxter and Cangene will bring these products to
market.”
IB1001 is currently under regulatory review by both the FDA in the US and the EMA in Europe.
The product was placed on clinical hold by the FDA in July 2012. Inspiration has been working
to resolve the issues that led to the clinical hold and has discussed its plans to address the
clinical hold with relevant regulatory authorities. “IB1001 was the first product Inspiration
developed, with a vision to expand global access to safe and effective recombinant therapies for



	
  
	
  
	
  
	
  
	
  
	
  
	
  
people living with hemophilia. We are very pleased that Cangene will take IB1001 forward to
make this vision a reality,” commented John R. Taylor, Inspiration’s Chairman and a founder of
the company.
The asset purchase agreement was signed on February 6, 2013, and filed with the United
States Bankruptcy Court in Boston. The sale is a result of a joint sale process pursued by
Inspiration and Ipsen shortly after Inspiration filed for protection under Chapter 11 of the U.S.
Bankruptcy Code on October 30, 2012. Ipsen has been providing Inspiration with Debtor-in-
Possession (DIP) financing to fund Inspiration’s operations during the sale process.
The sale is subject to certain closing conditions, including Bankruptcy Court approval. Evercore
Partners served as exclusive financial advisor to Inspiration and Ipsen on the transaction.
Ropes & Gray served as legal advisor to Inspiration on the transaction. Murphy & King is
Inspiration’s bankruptcy counsel and FTI Consulting, Inc. is Chief Restructuring Officer for
Inspiration.



About Inspiration Biopharmaceuticals

As the only biopharmaceutical company dedicated solely to hemophilia, Inspiration is committed
to improving the care of people with this condition by broadening treatment choices, expanding
global access to care and advancing innovative therapies. Founded by two families whose sons
have hemophilia, Inspiration is inspired to make a difference in the lives of people impacted by
hemophilia around the world. Inspiration's lead product candidates are IB1001, an
investigational intravenous recombinant factor IX being developed for the treatment of
hemophilia B, and OBI-1, an investigational recombinant porcine factor VIII being developed for
the treatment of serious bleeds in patients with congenital hemophilia A with inhibitors or
acquired hemophilia A.



For more information about Inspiration Biopharmaceuticals, please visit www.inspirationbio.com.



Contact

Michel Dahan
VP Commercial Development & Strategic Planning
Tel.: +1-617-588-1807
Email: mdahan@inspirationbio.com




	
  

								
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