CAMBRIDGE, Mass., Aug. 21, 2012 /PRNewswire/ -- Inspiration Biopharmaceuticals Inc. (Inspiration) today announced new license, development and commercialization agreements with its strategic partner, Ipsen (Euronext: IPN, ADR: IPSEY). The agreements restructure the existing partnership with Ipsen and provide Inspiration with additional funding to support development of its two investigational drugs in late-stage development for hemophilia, IB1001 and OBI-1. Under the terms of these agreements, Inspiration grants Ipsen commercialization rights for IB1001 (recombinant human factor IX) and OBI-1 (recombinant porcine factor VIII) in certain geographies. Inspiration will receive a $30 million up-front payment, with additional payments and investments linked to future development and commercial milestones, for a total potential value of $200 million. This includes a commitment from Ipsen to fund a significant percentage of Inspiration's next round of external financing.
Ipsen gains rights to commercialize IB1001 and OBI-1 in Europe, Russia, China, Australia and certain other countries, and will be responsible for future regulatory filings in those regions. Inspiration retains commercialization rights in the Americas, Japan, India, the Middle East, South Africa, Taiwan and certain other countries, as well as global development rights for all products in Inspiration's product portfolio. Each company is obligated to pay the other royalties generated by sales of OBI-1 in their respective geographies and Ipsen will pay Inspiration royalties on sales of IB1001.
Under the terms of the new agreements, after the completion of a $30 million qualified external financing Ipsen will invest an additional $20 million in Inspiration and will no longer have a call option to acquire Inspiration, giving Inspiration the ability to develop as an independent entity. Ipsen gains the right to appoint two additional Directors to Inspiration's Board.
|SOURCE Inspiration Biopharmaceuticals, Inc.|
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