Winnipeg-based Cangene Corp. is to acquire an investigational hemophilia compound called IB1001 from the French company Ipsen and Inspiration Biopharmaceuticals, Inc., a Cambridge, Mass. company that is in bankruptcy protection.
Under the terms of the agreement, Cangene will pay approximately $5.9 million up front for IB1001 and other acquired assets, as well as tiered royalties on net sales and additional payments if certain sales milestones are achieved.
A press release issued by Paris-based Ipsen said in addition to the upfront fee Cangene has agreed to up to $50 million in potential additional commercial milestones.
IB1001 is being developed for the treatment and prevention of bleeding episodes in people with hemophilia B. There are two phase III clinical trials on-going.
John A. Sedor, president and CEO of Cangene, says, "The acquisition of IB1001 is consistent with our strategy of targeting late stage products to drive growth in our commercial business."