Ipsen, a global specialty-driven pharmaceutical company, has renegotiated its 2010 strategic partnership agreement with Inspiration Biopharmaceuticals, a Cambridge, Mass.-based biopharmaceutical company focused on hemophilia, for the development and commercialization of Inspiration’s recombinant product portfolio.

The portfolio includes OBI-1, a recombinant porcine factor VIII (rpFVIII) being developed for the treatment of patients with acquired hemophilia A and congenital hemophilia A with inhibitors, and IB1001, a recombinant factor IX (rFIX) for the treatment and prevention of bleeding in patients with hemophilia B.

The new agreement aims to establish an effective structure whereby Ipsen gains commercial rights in key territories. Inspiration remains responsible for the world-wide development of OBI-1 and IB1001. Ipsen will also be entitled to appoint two more members (out of a total of nine) to Inspiration’s board of directors.

As part of the renegotiation, Ipsen paid Inspiration $30 million upfront. Including this upfront payment, Ipsen is entitled to pay Inspiration milestones for a total amount of up to $200 million, of which $27.5 million are regulatory milestones and the remaining are commercial milestones. Both companies believe this new agreement will facilitate Inspiration’s ability to raise independent third party financing to meet its financing needs until a potential equity offering in 2013.

Furthermore, Ipsen has agreed to invest up to $20 million in Inspiration, as follows:

• If Inspiration raises external funding prior to August 31, 2012, Ipsen will pay $20.0 million in exchange for equity;
• If Inspiration does not raise external funding prior to August 31, 2012, Ipsen will pay $7.5 million and receive a warrant for 15% of Inspiration’s equity. Ipsen has an option to exercise the warrant should Inspiration fail to raise external funding by September 30, 2012;
• If Inspiration raises external funding prior to September 30, 2012, Ipsen will pay an additional $12.5 million in exchange for equity.