Baxter to Buy OBI-1 from Inspiration BioPharma for Upfront Payment of $50M
Baxter International Inc. (NYSE: BAX) announced today that it has agreed to acquire the investigational hemophilia compound OBI-1 and related assets from Inspiration BioPharmaceuticals, Inc. as well as certain other OBI-1 related assets, including manufacturing operations, from Ipsen Pharma S.A.S. in conjunction with Inspiration's ongoing bankruptcy proceedings. The transaction is subject to bankruptcy court and regulatory approvals.
OBI-1 is a recombinant porcine factor VIII (rpFVIII) being investigated for the treatment of bleeding in people with acquired hemophilia A and congenital hemophilia A patients with inhibitors. Acquired hemophilia A is a rare, potentially life-threatening bleeding disorder, which, unlike congenital hemophilia, typically affects older adults and occurs equally in both males and females.
''OBI-1 has the potential to address existing unmet needs of hemophilia patients and is a strong strategic fit with Baxter's current hemophilia portfolio,'' said Bruce Ewenstein, M.D., Ph.D., vice president of clinical affairs in Baxter's BioScience business.
Under the terms of the agreement, Baxter will make an upfront payment of $50 million for the OBI-1 assets, including the manufacturing operations. In the future, Baxter may make payments of up to $20 million in total based on regulatory approval of the acquired hemophilia A indication in the United States and first additional country. Additional amounts may be paid upon approval of additional indications, through net sales payments, and as sales milestones when sales exceed $100 million.
OBI-1 is currently in Phase III clinical studies in individuals with acquired hemophilia A and those with congenital hemophilia A who have developed inhibitors against human FVIII. OBI-1 received orphan drug designation in the United States and Europe, and was recently granted fast track designation for acquired hemophilia A by the United States Food and Drug Administration (FDA).
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