Baxter Announces Agreement to Acquire Investigational Hemophilia Compound
OBI-1 and Related Assets
DEERFIELD, Ill. -- January 24, 2013
Baxter International Inc. (NYSE:BAX) announced today that it has agreed to
acquire the investigational hemophilia compound OBI-1 and related assets from
Inspiration BioPharmaceuticals, Inc. as well as certain other OBI-1 related
assets, including manufacturing operations, from Ipsen Pharma S.A.S. in
conjunction with Inspiration’s ongoing bankruptcy proceedings. The transaction
is subject to bankruptcy court and regulatory approvals.
OBI-1 is a recombinant porcine factor VIII (rpFVIII) being investigated for
the treatment of bleeding in people with acquired hemophilia A and congenital
hemophilia A patients with inhibitors. Acquired hemophilia A is a rare,
potentially life-threatening bleeding disorder, which, unlike congenital
hemophilia, typically affects older adults and occurs equally in both males
''OBI-1 has the potential to address existing unmet needs of hemophilia
patients and is a strong strategic fit with Baxter’s current hemophilia
portfolio,'' said Bruce Ewenstein, M.D., Ph.D., vice president of clinical
affairs in Baxter’s BioScience business.
Under the terms of the agreement, Baxter will make an upfront payment of $50
million for the OBI-1 assets, including the manufacturing operations. In the
future, Baxter may make payments of up to $20 million in total based on
regulatory approval of the acquired hemophilia A indication in the United
States and first additional country. Additional amounts may be paid upon
approval of additional indications, through net sales payments, and as sales
milestones when sales exceed $100 million.
OBI-1 is currently in Phase III clinical studies in individuals with acquired
hemophilia A and those with congenital hemophilia A who have developed
inhibitors against human FVIII. OBI-1 received orphan drug designation in the
United States and Europe, and was recently granted fast track designation for
acquired hemophilia A by the United States Food and Drug Administration (FDA).
About Acquired Hemophilia A
Acquired hemophilia A is a very rare (estimated annual incidence of 1.5 cases
per million lives) and potentially life-threatening acute bleeding disorder
caused by the development of autoantibodies (inhibitors) against coagulation
FVIII. In acquired hemophilia A, individuals typically experience soft tissue
or post-procedural bleeding, in contrast to bleeding into joints, which is
more typical in congenital hemophilia.
About Baxter in Hemophilia
Baxter has more than 60 years experience in hemophilia and has introduced a
number of therapeutic firsts for hemophilia patients. Baxter has the broadest
portfolio of hemophilia treatments in the industry and is able to meet
individual therapy choices, providing a range of options at each treatment
stage. The company’s work is focused on optimizing hemophilia care and
improving the lives of people living with hemophilia A and B worldwide.
About Baxter International Inc.
Baxter International Inc., through its subsidiaries, develops, manufactures
and markets products that save and sustain the lives of people with
hemophilia, immune disorders, cancer, infectious diseases, kidney disease,
trauma and other chronic and acute medical conditions. As a global,
diversified healthcare company, Baxter applies a unique combination of
expertise in medical devices, pharmaceuticals and biotechnology to create
products that advance patient care worldwide.
This release includes forward-looking statements concerning an agreement made
by the company to acquire certain assets from Inspiration BioPharmaceuticals,
Inc. and Ipsen Pharma S.A.S., including expectations regarding upfront and
other future payments.The statements are based on assumptions about many
important factors, including the following, which could cause actual results
to differ materially from those in the forward-looking statements: the ability
of the parties to obtain bankruptcy court approval and other required
regulatory approvals and to otherwise satisfy other closing conditions;
continued strength in the company's financial position, including cash flows;
actions of regulatory bodies and other governmental authorities; changes in
laws and regulations; and other risks identified in Baxter's most recent
filing on Form 10-K and other SEC filings, all of which are available on its
website. Baxter does not undertake to update its forward-looking statements.
Baxter International Inc.
Brian Kyhos, (224) 948-4210
Deborah Spak, (224) 948-2349
Mary Kay Ladone, (224) 948-3371
Clare Trachtman, (224) 948-3085
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