Inspiration Biopharmaceuticals and Ipsen agree to sell OBI-1 (recombinant porcine factor VIII) to Baxter International for

  Inspiration Biopharmaceuticals and Ipsen agree to sell OBI-1 (recombinant
  porcine factor VIII) to Baxter International for upfront and milestone
  payments totaling $185 million plus payments on global net sales

   Global leader in hemophilia will bring breakthrough therapy to patients

Business Wire

CAMBRIDGE, Mass. -- January 24, 2013

Inspiration Biopharmaceuticals (Inspiration) and  Ipsen (Euronext: IPN; ADR:
IPSEY)  today announced the sale of its lead hemophilia program, OBI-1
(recombinant porcine factor VIII), to Baxter International (Baxter), the
global leader in hemophilia. 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, Massachusetts. The total
aggregate consideration for these rights may exceed $700 million, including
the upfront 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” commented John P. Butler, Chief Executive Officer of
Inspiration. “Baxter has a long commitment to hemophilia and we are excited
that 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 yesterday, January 23, 2013, 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 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. 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

For more information about Inspiration Biopharmaceuticals, please visit


Inspiration Biopharmaceuticals
Michel Dahan, VP Commercial Development & Strategic Planning
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