France's Ipsen and its bankrupt partner Inspiration Biopharmaceuticals have sold the rights to an investigational haemophilia drug and related assets to Baxter International in a deal valued at around $185 million.
Baxter is acquiring OBI-1, a recombinant porcine factor VIII therapy for haemophilia A, and Ipsen's manufacturing facility in Milford, near Boston, USA. Cashwise, it will pay $50 million upfront and up to $135 million in development and commercial milestones, plus tiered net sales payments ranging from 12.5%-17.5% of OBI-1's annual sales.
OBI-1 is currently in Phase III and has orphan drug designation in the USA and Europe, It was recently granted fast-track designation for acquired hemophilia A by the Food and Drug Administration.
The transaction is subject to court and regulatory approvals as Inspiration filed for Chapter 11 bankruptcy in October last year. As the US firm’s only senior secured creditor, Ipsen will receive 60% of the upfront payments and 80% of all sums up to a value of $304 million and 50% of all proceeds thereafter.
Ipsen and Inspiration are also looking to sell off IB1001 - a recombinant factor IX for the treatment and prevention of bleeding in patients with haemophilia B. That process is in "the final bidding stage".
Meantime Baxter has posted its financials for the fourth quarter which show that net income rose 6.7% to $494 million. Sales were up 4.4% to $3.75 billion.