Ropes & Gray Advises Inspiration Biopharmaceuticals on Sale Process for All Hemophilia Assets

In The News
February 5, 2013
Inspiration Biopharmaceuticals (Inspiration) and Ipsen announced on Feb. 6 that the companies have signed an asset purchase agreement pursuant to which Cangene Corporation (Cangene) would acquire worldwide rights to the proprietary hemophilia B product IB1001 (recombinant FIX). Ipsen sold its commercialization rights to IB1001 as part of the transaction. As part of the agreement, Cangene will also acquire Inspiration’s rights to two products in pre-clinical development: IB1007 (recombinant FVIIa) and IB1008 (recombinant FVIII). The total aggregate consideration for these rights may exceed $300 million.

The sale is a result of a joint sale process pursued by Inspiration and Ipsen shortly after Inspiration filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 30, 2012. Ipsen has been providing Inspiration with Debtor-in-Possession financing to fund Inspiration’s operations and the sale process. The transaction is subject to customary closing conditions. Ropes & Gray also represented Inspiration in its sale of its lead hemophilia program, OBI-1 (recombinant porcine factor VIII), with Ipsen to Baxter International, announced on Jan. 24. The total aggregate consideration for Inspiration’s hemophilia assets may exceed $1 billion.

Inspiration was advised by a team of Ropes & Gray attorneys, led by mergers & acquisitions partner Chris Comeau and including antitrust partner Mike McFalls, tax partner Eric Elfman, intellectual property transactions partner David McIntosh, securities & public companies partner Paul Kinsella, bankruptcy & business restructuring partner Steve Hoort, and merger control counsel Deidre Johnson. The team also included corporate associate Adam Dobson.