Inspiration Biopharmaceuticals, a Cambridge biopharmaceutical company focused on hemophilia, and Ipsen said Thursday that they have agreed to sell a hemophilia drug candidate to Baxter International Inc., a large Illinois-based health care company with specialties in medical devices, pharmaceuticals and biotechnology.
Baxter has agreed to make an upfront payment of $50 million as well as milestone payments totaling $135 million. Inspiration and Ipsen are also eligible to receive annual net sales payments equivalent to a tiered double digit percentage of global net sales. As a result, the aggregate purchase price could exceed $700 million, Inspiration and Ipsen said in a press release.
As part of the deal, Baxter will acquire the worldwide rights to OBI-1, a recombinant porcine factor VIII in development for congenital hemophilia A with inhibitors and acquired hemophilia A. Baxter will also acquire Ipsen’s manufacturing facility for OBI-1 in Milford.
Inspiration filed for Chapter 11 bankruptcy protection in October and is in the process of selling off its assets, a company spokesman said.
“Inspiration was founded by families who are personally affected by hemophilia, so bringing innovative therapies to patients has always been at the core of our mission’’ John P. Butler, Inspiration’s chief executive, said in a statement. “Baxter has a long commitment to hemophilia and we are excited that they will be using their expertise to bring this innovative therapy to people who currently have limited treatment options.’’