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Ipsen SA and Inspiration Biopharmaceuticals Enter into an Asset Purchase Agreement with Baxter International Inc on OBI-1


Thursday, 24 Jan 2013 01:30am EST 

Ipsen SA and Inspiration Biopharmaceuticals Inc. (Inspiration) announced they entered into an Asset Purchase Agreement (APA) whereby Baxter International Inc (Baxter) agrees to acquire the worldwide rights to OBI-1, a recombinant porcine factor VIII (rpFVIII) in development for congenital hemophilia A with inhibitors and acquired hemophilia A, and Ipsen’s industrial facility in Milford (Boston, MA). Under the terms of the APA, Baxter has agreed to pay USD 50 million upfront, up to USD 135 million in potential additional development and commercial milestones as well as tiered net sales payments ranging from 12.5% to 17.5% of OBI-1 annual net sales. The sale process for IB1001, a recombinant factor IX (rFIX) for the treatment and prevention of bleeding in patients with hemophilia B is separate and in the final bidding stage. As Inspiration’s only senior secured creditor and as the owner of non-Inspiration assets that will be included in the sale of both OBI-1 and IB1001, Ipsen SA will receive approximately 60% of the upfront payments. Over and above these upfront amounts, Ipsen SA will receive 80% of all payments up to a present value of $304 million and 50% of all proceeds thereafter. On the basis of available information, the share of upfront payment to be received by Ipsen SA should mainly cover the total amount of DIP financing provided to Inspiration. 

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