Health care company Baxter (NYSE: BAX ) announced in a press release Thursday that it has acquired late-stage developmental hemophilia A drug OBI-1, along with related assets, from Inspiration BioPharmaceuticals and Ipsen Pharma.
OBI-1 is currently undergoing phase 3 clinical trials, has picked up orphan drug status in the U.S. and Europe, and has been fast-tracked by the FDA for hemophilia A.
Baxter will pay $50 million up front in the deal, which will secure a manufacturing facility in Boston along with the drug candidate. The company will pay another $20 million should the drug gain regulatory approval for hemophilia A in the U.S. and one other nation, along with potential further payments upon other indication approvals or sales milestones.
Baxter's bioscience vice president of clinical affairs, Dr. Bruce Ewenstein, was quoted in the company release as saying, "OBI-1 has the potential to address existing unmet needs of hemophilia patients and is a strong strategic fit with Baxter's current hemophilia portfolio."
OBI-1 gives Baxter a candidate for hemophilia A in both congenital and acquired versions of the disease after the company has felt increasing pressure from Biogen Idec, which has two hemophilia drugs that succeeded in phase 3 trials last year.