Ipsen: Ipsen inks a agreement with Baxter for OBI-1 and Milford site
BUY, Fair Value EUR29 (+15%)
While it came as no surprise that OBI-1 was the key asset of Inspiration, we find the terms of the agreement attractive. Ipsen will license worldwide rights for OBI-1 to Baxter for USD50m, up to USD135m and potential double-digit royalties. Worth mentioning that Baxter is also buying the Milford manufacturing site. As of December 2012, Ipsen may impair haemophilia-related assets for a total amount of EUR100m. Ipsen is also in the final bidding process for IB-1001 which also represents positive news.