Ipsen's hemophilia partner Inspiration Biopharma seeks Chapter 11 protection

1 November 2012

French drugmaker Ipsen (Euronext: IPN) announced yesterday that its partner, privately-held US firm Inspiration Biopharmaceuticals, is seeking Chapter 11 protection of the US Bankruptcy Code. With this filing, Inspiration is seeking the Bankruptcy Court’s approval on detailed bidding and auction procedures for the sale of its assets to a third party purchaser.

Ipsen and Inspiration are proposing to jointly sell their hemophilia assets including OBI-1, a rpFVIII for hemophilia A, and IB1001, a rrFIX for hemophilia B plus the OBI-1 industrial facility in Milford. Under the Chapter 11 procedure, Ipsen has also agreed to provide “Debtor-in-Possession financing” to Inspiration for an amount of up to $18.3 million assuming certain conditions are met to successfully achieve the sale to a third party purchase.

The French firm’s shares rose 5% yesterday to 20 euros on news that Inspiration was seeking US bankruptcy protection and that commercial rights to both blood-clotting factors covered by the pact will be auctioned off to a third party.

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