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Celtic Pharma Welcomes the Results of the Sale Process of Inspiration Biopharmaceuticals' Hemophilia Assets to Cangene Corporation (CC:CNJ)


2/7/2013 9:47:32 AM

HAMILTON, Bermuda & LONDON & NEW YORK--(BUSINESS WIRE)--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.”

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