Inspiration Biopharmaceuticals Inc. is in bankruptcy proceedings, so it is selling its rights to hemophilia compound OBI-1 as well as related assets, to Baxter International, Inc. (NYSE: BAX). Paris-based Ipsen Pharma S.A.S. (Euronext: IPN; ADR; IPSEY) is selling other OBI-1 related assets, including manufacturing operations in Milford, Massachusetts, to Baxter. Ipsen provided Debtor-in-Possession financing to Inspiration for an amount up to $18.3 million in order to permit the sale to proceed. OBI-1 is a recombinant porcine factor (rpVIII) being investigated for the treatment of bleeding in people with acquired hemophilia A, a rare disorder. The product is currently in Phase 3 clinical studies in individuals with acquired hemophilia. It is a strong strategic fit with Baxter’s current hemophilia portfolio. Baxter paid $50 million cash upfront plus up to $135 million in potential additional development and commercial milestones as well as tiered net sales payments ranging from 12.5% to 17.5% of OBI-1 annual net sales. As Inspiration’s only senior secured creditor and owner of non-Inspiration assets that are included in this sale, Ipsen will receive approximately 60% of the upfront payments, and 80% of all payments up to a present value of $304 million and 50% of all proceeds thereafter. Evercore Partners served as exclusive financial advisor to Inspiration and Ipsen on the transaction…….Want to read more? Click here for a free trial to The Health Care M&A Information Source and download the current issue today