Ipsen of France has confirmed that its US partner Inspiration Biopharmaceuticals failed to raise third party financing by 30 September 2012. As a result, Ipsen's call option to acquire Inspiration is still in force. In addition, Ipsen only has to pay $7.5 million in return for a warrant for 15% of Inspiration's equity. If Inspiration had managed to raise the external funds, Ipsen would have paid $20 million for the warrant, as per their recently amended agreement (scripintelligence.com, 21 August 2012).
The companies had renegotiated their partnership agreement as Inspiration battles through a clinical hold placed on its lead development candidate....
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