Cangene Corp., a Winnipeg, Manitoba-based developer and manufacturer of immune therapeutics, has acquired the hemophilia product portfolio of Inspiration Biopharmaceuticals Inc. Cambridge, Massachusetts-based Inspiration, which has recently undergone bankruptcy proceedings, had been a portfolio company of Celtic Pharmaceutical Holdings LP, a private equity firm focused on the biotechnology and pharmaceutical industries. Celtic estimates the aggregate consideration of the transaction could exceed US$1 billion.
Celtic Pharma Welcomes the Results of the Sale Process of Inspiration Biopharmaceutical’s Hemophilia Assets to Cangene Corporation
Bermuda, London and New York, February 7, 2013 – Celtic Pharmaceutical Holdings L.P. (“Celtic Pharma”) records today’s announcement by Inspiration Biopharmaceuticals (“Inspiration”) that it has successfully concluded the sale of its hemophilia product portfolio for an aggregate consideration that could exceed $1 billion. Celtic Pharma holds a substantial minority stake in Inspiration, and will participate in the transaction proceeds in accordance with an agreement reached between Ipsen as Debtor-in-Possession and the non-Ipsen stakeholders.
“We were disappointed by the timing of Ipsen’s decision to withdraw their strategic focus from hemophilia, which led to the sale of Inspiration’s products under Chapter 11 of the Bankruptcy Code prior to their achieving regulatory approval, but we were pleased to be able to work constructively with Ipsen and Inspiration’s management team to achieve a successful sale process and transition for the assets,” said Stephen Evans-Freke, Managing General Partner, Celtic Pharma. “We are very pleased that the auction process has validated the commercial potential for these products, while retaining substantive value for Inspiration’s stakeholders. We would like to thank the Inspiration management team led by John P. Butler for their exemplary performance on behalf of Inspiration‘s shareholders under difficult circumstances.”
About Celtic Pharmaceutical Holdings L.P.
Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) is a private equity investment firm focused on the biotechnology and pharmaceutical industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo, CBE and is based in Bermuda. Celtic Pharma has acquired and invested in late stage pharmaceutical programs and manages these programs through their development for ultimate sale to established pharmaceutical companies. Celtic Pharma is fully invested at this time. Celtic Pharma’s aim has been to bridge the gap between the established pharmaceutical companies’ new product pipeline crisis and the biotech industry’s capital drought. For further information, please visit Celtic Pharma’s website at www.celticpharma.com
ENQUIRIES Media Relations
College Hill Life Sciences
Photo courtesy of Shutterstock.