/C O R R E C T I O N -- Inspiration Biopharmaceuticals, Inc./PR Newswire
In the news release, Inspiration Biopharmaceuticals Announces New Global Commercialization Agreements with Ipsen, issued 21-Aug-2012 by Inspiration Biopharmaceuticals, Inc. over PR Newswire, we are advised by the company that the first subheadline should read "Ipsen to pay Inspiration $30 million, with additional payments and investments totaling up to a potential value of $215 million" rather than "Ipsen to pay Inspiration $30 million, with additional payments and investments totaling up to a potential value of $200 million" as originally issued inadvertently, and first paragraph, second to last sentence, should read "Inspiration will receive a $30 million up-front payment, with additional payments and investments linked to future development, commercial and financing milestones, for a total potential value of $215 million." rather than "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." as originally issued inadvertently. The complete, corrected release follows:Inspiration Biopharmaceuticals Announces New Global Commercialization Agreements with IpsenIpsen to pay Inspiration $30 million, with additional payments and investments totaling up to a potential value of $215 millionInspiration grants Ipsen commercial rights to hemophilia drug candidates IB1001 and OBI-1 in certain geographiesInspiration gains the ability to develop as an independent company
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 itstwo 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, commercial and financingmilestones, for a total potential value of $215 million. This includes a commitment fromIpsen 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.
"During the last two years, Ipsen's commitment to hemophilia and their recognition of the value of Inspiration's unique product portfolio have been the basis for a successful collaboration," said John P. Butler, Chief Executive Officer of Inspiration. "This new arrangement confirms Ipsen's ongoing commitment to Inspiration, while also enabling Inspiration to become an independent, fully integrated, commercial biopharmaceutical company serving people living with hemophilia."
Inspiration and Ipsen's strategic partnership began in January 2010, and in August of 2011 was expanded in preparation for the commercial launch of Inspiration's first hemophilia products in Europe. The 2011 agreement established a European commercial partnership, which was designed to leverage the combined strengths of Ipsen's well-established European commercial infrastructure and medical network with Inspiration's expertise in the field of hemophilia. The new agreements announced today will replace the previous European commercial partnership agreement.
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.
For Further Information
Gordon H. Busenbark
Feinstein Kean Healthcare
Senior Vice President, Chief Financial Officer
SOURCE Inspiration Biopharmaceuticals, Inc.