Milford Operations To Continue Despite Ipsen Sale
French pharmaceutical company Ipsen and its Cambridge-based partner, Inspiration Biopharmaceuticals, have closed a a deal to sell their hemophilia drug program for $185 million.
But the employees at Ipsen's Milford facility have been offered employment by the purchasing company, Baxter International Inc. of Illinois, and Baxter expects to maintain operations in Milford for the foreseeable future, according to Bryan Kyhos, a Baxter spokesman.
A 'Unique' Property
The Maple Street facility is unique, according to Kyhos. It was designed specifically for the manufacture of the company's hemophilia drug, known as OBI-1, which is being developed for the treatment of both acquired and congenital hemophilia, according to a statement by Ipsen.
Baxter views the Milford facility as important to the continued development of the OBI-1 program, Kyhos said in an emal.
"If approved, the treatment will address the unmet needs of these patient populations and will be a strong strategic fit with Baxter's hemophilia portfolio to help treat more hemophilia patients in need of effective therapies," Kyhos wrote.
Planned Milford Expansion Gives Way To Sale
There are approximately 80 employees at the Milford facility, and Kyhos said the workforce there will remain "approximately the same," now that the sale is final.
The Ipsen facility has been operating in Milford for about 30 years. Last summer, Ipsen reported it had about 150 employees in Milford when it was seeking tax incentives from the town through a planned $42 million expansion. The company abandoned those plans and agreed, along with Inspirational Biopharmaceuticals, to sell the program to Baxter in January.
Ipsen officials could not be reached for comment, and Inspirational has filed for Chapter 11 bankruptcy protection. The two companies began pursuing the sale of the hemophilia program shortly after Inspirational filed for bankruptcy in October, Ipsen said.
Ipsen provided financing to Inspiration to fund the sale process. Baxter paid $50 million to Ipsen upfront, and will receive up to $135 million in additional payments as sales milestones are met.
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