With two big investors in tow, Inspiration Biopharmaceuticals is touring Ireland as it looks for a site to manufacture its new drugs, confidently predicting that it will have two new hemophilia treatments on the market in the next two to three years. And the trip comes just after the Laguna Niguel, CA-based developer revealed in SEC documents that it has bumped its financing to $247 million, with a target of $371 million.
According to a report from Ireland's Sunday Business Post, Inspiration is also looking at sites in Singapore and Switzerland as it pursues work on four new treatments for hemophilia. Celtic has a 26 percent stake in Inspiration while France's Ipsen controls 20 percent. Ipsen struck a deal a year ago to take a chunk of Inspiration Biopharmaceuticals for $85 million and pay up to $174 million in milestones as they collaborate on the development of a blockbuster portfolio of new hemophilia drugs.
A spokesperson for Inspiration told the publication that the plant could employ 500 people as it ramps up production on two new drugs that the developer expects to have an approval on in the next two to three years. Those drugs, she added, should earn more than a billion euros a year at their peak. A decision on where the company will locate the plant is expected in a matter of weeks.
Less than two weeks ago socaltech.com reported that Inspiration had reported that it had raised its latest funding to $247 million, citing SEC documents. The equity deal gives an investor the right to buy the company, though Inspiration says no such buyout is imminent. Inspiration's lead drug is currently in Phase III testing.