Ipsen and Inspiration Biopharma in deal with Baxter for OBI-1

French drugmaker Ipsen (Euronext: IPN) and privately-held US firm Inspiration Biopharmaceuticals have entered into an asset purchase agreement (APA) whereby Baxter International (NYSE: BAX) agrees to acquire the worldwide rights to OBI-1, a recombinant porcine factor VIII (rpFVIII) in development for congenital hemophilia A with inhibitors and acquired hemophilia A, and Ipsen’s industrial facility in Milford (Boston, Massachusetts, USA).

The sale is a result of joint marketing and sale process pursued by Ipsen and Inspiration shortly after Inspiration filed for protection under Chapter 11 of the US Bankruptcy Code last October (The Pharma Letter November 1, 2012). Ipsen has been providing Inspiration with Debtor-in-Possession financing (DIP) for an amount of up to $18.3 million in order to permit the sale process to proceed.

Under the terms of the APA, Baxter has agreed to pay $50 million upfront, up to $135 million in potential additional development and commercial milestones as well as tiered net sales payments ranging from 12.5% to 17.5% of OBI-1 annual net sales.