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Inspiration Biopharmaceuticals and Ipsen Complete Sale Process for All Hemophilia Assets

  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)

Business Wire

CAMBRIDGE, Mass. -- 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:

Inspiration Biopharmaceuticals
Michel Dahan, +1-617-588-1807
VP Commercial Development & Strategic Planning
mdahan@inspirationbio.com
 
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