RICHMOND, Va., March 31 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a biopharmaceutical company, announced today that it has successfully closed the sale of all of the Company's assets related to its follow-on biologics business to a subsidiary of Merck & Co., Inc. As a result of this closing, Insmed has now received $130 million, the aggregate purchase price, for the assets. After fees, taxes and other costs related to the transaction, net proceeds are expected to be approximately $123 million.
As a result of the transaction, Merck purchased all rights to Insmed's follow-on biologic assets, including INS-19 and INS-20, as well as control of the Boulder, Colorado-based manufacturing facility. Merck, through an affiliate, has assumed the facility's lease and ownership of all the equipment in the building. In addition, Merck has offered positions to employees of the Boulder facility. Insmed has retained its Richmond, VA corporate office, which houses its Clinical, Regulatory, Finance, and Administrative functions, in support of the continuing IPLEX(TM) program.
Insmed will continue to carefully evaluate potential uses of the proceeds from the transaction.
RBC Capital Markets served as exclusive financial advisor to Insmed on the transaction and the review of strategic alternatives, and provided a fairness opinion to the Company's Board of Directors. McGuire Woods, LLP acted as legal advisor to Insmed and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Merck.
Insmed Inc. is a biopharmaceutical company with unique protein development experience and a proprietary protein platform aimed at niche markets with unmet medical needs. For more information, please visit http:/
SOURCE Insmed Inc.
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