DEERFIELD, Ill.—Baxter International Inc. has announced anagreement to acquire OBI-1, an investigational hemophilia compound, and relatedassets from Inspiration BioPharmaceuticals, Inc., in addition to certain otherOBI-1 related assets, including manufacturing operations, from Ipsen PharmaS.A.S in relation to Inspiration's ongoing bankruptcy proceedings. Thetransaction is subject to bankruptcy court and regulatory approvals.
Per the terms of the agreement, Baxter will pay $50 millionup front for the OBI-1 assets, including the manufacturing operations. Inaddition, Baxter may also make future payments of up to $20 million total basedon regulatory approval of the hemophilia A indication in the United States andthe first additional country. Further payments may be made if approval isgarnered for additional indications, through net sales payments and in terms ofsales milestones should sales exceed $100 million. Inspiration and Ipsen havesigned an asset purchase agreement, in accordance with which Baxter willacquire worldwide rights to the OBI-1 compound and Ipsen's OBI-1 manufacturingfacility in Milford, Mass. all told, the total consideration for the rights mayexceed $700 million.
"OBI-1 has the potential to address existing unmetneeds of hemophilia patients and is a strong strategic fit with Baxter'scurrent hemophilia portfolio," Bruce Ewenstein, M.D., Ph.D., vicepresident of clinical affairs in Baxter's BioScience business, said in a pressrelease.
The sale stems from a joint sale process set in motion byInspiration and Ipsen after the former filed for protection under thebankruptcy code on Oct. 30, 2012. Ipsen has been providing Debtor-In-Possessionfinancing to Inspiration to fund the latter's operations as well as the saleprocess.
Inspiration is the only biopharmaceutical company thatfocuses solely on hemophilia, and OBI-1 is one of its most advanced compounds.OBI-1 is a recombinant porcine factor VIII currently under investigation forits potential in the treatment of bleeding in people with acquired hemophilia Aas well as congenital hemophilia A patients with inhibitors. The compound is inPhase III clinical studies in patients with acquired hemophilia A and patientswith congenital hemophilia A who have developed inhibitors against human factorVIII. The compound has received orphan drug designation in both the UnitedStates and Europe, and the U.S. Food and Drug Administration has recentlygranted it fast track designation for the acquired hemophilia A indication.
"Inspiration was founded by families who are personallyaffected by hemophilia, so bringing innovative therapies to patients has alwaysbeen at the core of our mission," John P. Butler, CEO of Inspiration, said in apress release. "Baxter has a long commitment to hemophilia, and we are excitedthat they will be using their expertise to bring this innovative therapy topeople who currently have limited treatment options."
Acquired hemophilia A is a rare bleeding disorder, with anestimated annual incidence rate of 1.5 cases per one million people. Thedisorder is based on the body's gradual development of autoantibodies, orinhibitors, against coagulation factor VIII, a blood-clotting protein. Unlikecongenital hemophilia, the disease generally affects older adults, and theincidence of occurrence is equal in both men and women.
SOURCE: Baxter press release
