Inspiration Biopharmaceuticals and Ipsen announce closing of the sale of OBI-1 (recombinant porcine factor VIII) to Baxter

  Inspiration Biopharmaceuticals and Ipsen announce closing of the sale of
  OBI-1 (recombinant porcine factor VIII) to Baxter International

    Sale of all assets of Inspiration is now complete with total aggregate
                consideration potentially exceeding $1 billion

Business Wire

CAMBRIDGE, Mass. -- March 21, 2013

Inspiration Biopharmaceuticals, Inc. (Inspiration) and Ipsen (Euronext: IPN;
ADR: IPSEY) today announced the closing of the sale of its lead hemophilia
program, OBI-1, to Baxter International Inc. (Baxter), the global leader in
hemophilia. The transaction was announced on January 24, 2013 and closed on
March 20, 2013. Ipsen and Inspiration jointly agreed to sell their respective
rights to OBI-1 as part of the transaction.

Baxter acquired worldwide rights to OBI-1, a recombinant porcine factor VIII
in development for the treatment of congenital hemophilia A with inhibitors
and acquired hemophilia A, 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 an upfront payment of $50 million,
development and sales milestones totaling $135 million and annual net sales
payments ranging from 12.5% to 17.5% of OBI-1 global net sales. OBI-1 is
currently in a pivotal trial for the treatment of individuals with acquired
hemophilia A.

This closing completes the 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 provided Inspiration with
Debtor-in-Possession (DIP) financing to fund Inspiration’s operations and the
sale process.

John P. Butler, Chief Executive Officer of Inspiration commented, “Inspiration
was founded by the families of boys with hemophilia with a vision to bring new
treatment options to people living with this condition. The completion of the
sale of OBI-1 to Baxter, following the IB1001 sale to Cangene, fulfills this
vision. I am confident that Baxter is the right steward to bring this
important product to patients in need.”

On February 19, 2013, Cangene Corporation (Cangene) acquired worldwide rights
to IB1001 (recombinant FIX), 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 to be received from
Cangene 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.

Overall the total aggregate consideration to be received from Baxter and
Cangene for Inspiration’s assets through these two transactions may exceed $1
billion.

Inspiration will provide transition services to Baxter and Cangene for a
three-month transition period. Some employees have accepted offers of
employment from Baxter or Cangene, which employment will commence following
the transition service period. Inspiration will wind down its operations
following this transition period.

Evercore Partners served as joint financial advisor to Inspiration and Ipsen
on these two transactions. 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, Inc.
Michel Dahan, +1-617-588-1807
VP Commercial Development & Strategic Planning
mdahan@inspirationbio.com
 
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