Baxter International Makes $700-Million Acquisition
Inspiration Biopharmaceuticals and Ipsen recently announced the sale of its lead hemophilia program, OBI-1 (recombinant porcine factor VIII), to Baxter International. Baxter will acquire worldwide rights to OBI-1, a recombinant porcine factor VIII in development for congenital hemophilia A with inhibitors and acquired hemophilia A. OBI-1 is currently in a pivotal trial for the treatment of individuals with acquired hemophilia A.
Inspiration and Ipsen have signed an asset purchase agreement pursuant to which Baxter would acquire the worldwide rights to OBI-1, as well as Ipsen’s manufacturing facility for OBI-1 in Milford, MA. The total aggregate consideration for these rights may exceed $700 million, including the up-front payment of $50 million, development and sales milestones totaling $135 million, and annual net sales payments equivalent to a tiered double-digit percentage of global net sales.
“Inspiration was founded by families who are personally affected by hemophilia, so bringing innovative therapies to patients has always been at the core of our mission,” said John P. Butler, Chief Executive Officer of Inspiration. “Baxter has a long commitment to hemophilia, and we are excited they will be using their expertise to bring this innovative therapy to people who currently have limited treatment options.”
The asset purchase agreement was filed January 23, 2013, with the US 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 US Bankruptcy Code on October 30, 2012. Ipsen has been providing Inspiration with Debtor-in-Possession (DIP) financing to fund Inspiration’s operations and the sale process.
The sale is subject to certain closing conditions, including Bankruptcy Court and regulatory approvals. Inspiration and Ipsen are in the final bidding stages of the sale process for IB1001, a recombinant factor IX that is currently under regulatory review in the US and Europe.
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