Ipsen and Inspiration Biopharmaceuticals form strategic partnership

Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") today announced the formation of a strategic partnership between Ipsen and Inspiration Biopharmaceuticals ("Inspiration") to create a world leading hemophilia franchise, an important milestone for the Celtic Pharma portfolio.

Prior to this strategic partnership, Celtic Pharma held a direct interest in Inspiration's lead compound, IB1001 ("rFIX"), a new version of recombinant Factor IX which is in late stage clinical trials for the acute and preventative treatment of bleeding in patients with hemophilia B.  The firm also held an equity interest in the company.  As part of this transaction, Celtic Pharma has exchanged both interests into a new class of preferred shares in Inspiration, constituting a significant equity interest in the new enterprise.

As part of the agreement, Ipsen will provide up to $259 million of funding to Inspiration for the further development and commercialization of OBI-1 and Inspiration's hemophilia products. At closing, Ipsen will acquire shares of Inspiration preferred stock for $85 million, representing a 20% ownership stake in Inspiration. Inspiration will exclusively sub-license worldwide rights to OBI-1, Ipsen's recombinant porcine factor VIII product for the treatment of patients with acquired hemophilia and hemophilia A, who have developed an inhibitory immune reaction to human forms of factor VIII, which is scheduled to begin a Phase III trial this year.  Under the terms of the agreement, Ipsen will make payments of up to $174 million to Inspiration upon the achievement of certain clinical and regulatory milestones. Upon certain triggering events, Ipsen would also have a defined path to acquire control of Inspiration.

"The vision that has driven this bold strategic move by the leadership of both Ipsen and Inspiration further validates our investment model," says Stephen Evans-Freke, Managing General Partner of Celtic Pharma.  "The therapeutic expertise of both Inspiration and Ipsen creates the opportunity to build the leading franchise in hemophilia over the coming years and, through four products in development, make available therapy choices for virtually the entire global hemophilia patient population.  We are excited to be a part of this important initiative, and thank the Inspiration team for the opportunity to partner with them in bringing Inspiration and rFIX to this point."

"This substantive transaction demonstrates a major increase in value and creates a new force in hematology,” commented John Mayo, Managing General Partner of Celtic Pharma.  “It is a win, win, win deal for Ipsen, Inspiration and Celtic Pharma."

"We are thankful to Celtic Pharma for their early commitment to Inspiration and their willingness to structure a creative investment in our company," said John Taylor, Co-Founder and Chairman of Inspiration.  "In particular, we appreciate the contribution of Celtic's investment team, led by Reinaldo M. Diaz, in enabling Inspiration to achieve this important milestone."