Inspiration Biopharmaceuticals has renegotiated the terms of its strategic alliance with France-based biotech firm Ipsen, in a deal that will see Inspiration receive $50m with another potential $165m waiting in the pipeline.
Under the terms of the new deal, US-based Inspiration will receive $30m upfront with a promise of a further $20m from Ipsen upon the completion of a $30m external financing round. The additional $165m has been made available to Inspiration for hitting milestones and development targets.
Once Inspiration has received the $50m, Ipsen will no longer have a call option to acquire Inspiration, which will allow the pharmaceutical firm the ability to develop as an independent company. In April, Inspiration issued a convertible note to Ipsen, bringing Ipsen’s fully diluted equity ownership position in Inspiration to 43.5%.
Ipsen will in exchange receive the rights to commercialise two haemophilia drugs, dubbed IB1001 and OBI-1, in Europe, Russia, China, Australia and a few other places. Inspiration will retain the rights for the drugs in the Americas, Japan, Taiwan, India, the Middle East, and other countries.
John Butler, chief executive of Inspiration, said: “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.”