Ipsen Announces Major US R&D Investment and Headquarters Relocation in 2012
- Ipsen Invests $45 Million in its Milford, Massachusetts Biomeasure, Inc. Facility
- US Headquarters Relocates to Bridgewater, New Jersey
- Local State Officials Note Significance of Ipsen's US Projects
December 15, 2011
MILFORD, Mass.--(BUSINESS WIRE)--Ipsen's (Euronext: IPN; ADR: IPSEY) US-based subsidiary, Biomeasure Inc., and its North American Operations group announced today that the Group will further expand its commitment, investment and commercial presence in the US market. Ipsen will make a multi-million dollar capital investment in its Milford, MA research and development (R&D) and technical operations facility, and will relocate US Operations headquarters from Brisbane, CA, to Bridgewater, NJ, in order to enhance the North American commercial organization.
"Welcoming Ipsen to the ranks of healthcare companies calling New Jersey home is an important step for our state and the national economy - it will help provide high-quality, high-paying jobs for residents and spur innovative medicine development."
Enhancing Ipsen's US-based R&D and Technical Operations Capabilities
The existing 77,000 square-foot Milford facility serves as a center for Ipsen's US-based peptide and toxin R&D platforms, as well as a cGMP manufacturing facility focused on production of recombinant proteins for the treatment of hemophilia.
The expansion and renovation capital investment project, currently in the design phases, will deliver a new three-story, 62,000 square-foot building while completely renovating one of the site's two existing buildings. Ground breaking is anticipated for mid-2012, with construction of the new building targeted for completion in early 2014. The new facility will house R&D and Process Sciences laboratories that support Ipsen's strategic objectives to deliver five New Molecular Entities (NMEs) and three Proofs of Concept (POCs) by 2015.
"Ipsen's Milford-based facility is at the cutting edge of innovative, impactful and high-performing research, development and manufacturing capabilities focused on delivering new treatments for serious and life-threatening diseases to patients," said Cynthia Sylvestre, President, Biomeasure Inc. and Vice President, Milford Site Head. "We are confident that investing $45 million in this unique site, in such close proximity to the impressive concentration of scientific skills and talent in Massachusetts, will enable Ipsen to expand its bio-therapeutic technological platforms and pipeline."
With a staff of 150 employees, the Milford site is home not only to chemists, biologists and translational science experts but also a full technical operations team specializing in the manufacture of OBI-1, a breakthrough B-domain depleted, recombinant porcine factor VIII in late stage development with Inspiration Biopharmaceuticals Inc., Ipsen's strategic partner in hemophilia. Currently recruiting patients in two Phase III clinical trials, OBI-1 presents a unique approach to address the needs of individuals who have developed autoimmune inhibitory antibodies to human factor VIII.
"Massachusetts is a global leader in the life sciences and a great place to do business, thanks to our investments in the innovation economy," said Massachusetts Governor Deval Patrick, who met with the Company's leadership at this year's BIO International Convention to discuss the project. "We are proud to support Ipsen BioMeasure's R&D efforts through the Massachusetts Life Sciences Center and I am pleased to see the Company growing and creating jobs right here in Massachusetts."
Relocation of US Headquarters to Bridgewater, NJ
In line with the Company's increased strategic focus on key products Somatuline® Depot and Dysport®, Ipsen is reorganizing its US subsidiary - including moving the headquarters to Bridgewater, NJ, in order to better serve the Company's commercial and medical objectives. Relocating to the more than 30,000 square-foot New Jersey facility, under a six-and-a-half-year lease, reflects Ipsen's commitment to strengthening its US and global presence and providing specialty-care expertise to underserved neurological and endocrine disease communities.
"New Jersey is the leading biopharmaceutical center in the US, and Ipsen is ready and eager to be a part of that community of innovators," said Sean McKercher, President and General Manager, Ipsen North America. "This move was a natural choice for Ipsen, given New Jersey's ready access to international travel hubs, deep pool of pharma talent and business incentives for the biopharma sector - and it reflects our commitment to champion medicines for patients with severely debilitating diseases in need of therapeutic options."
The Company expects to hire more than 100 employees, including many members of its developing executive team, who will work from the Bridgewater, NJ location. The Company expects to begin operation from the Bridgewater location by April 2012.
"Adding innovator companies and jobs to New Jersey's strong biopharmaceutical sector is a critical component of Governor Christie's economic growth agenda," said New Jersey Lt. Governor Kim Guadagno. "Welcoming Ipsen to the ranks of healthcare companies calling New Jersey home is an important step for our state and the national economy - it will help provide high-quality, high-paying jobs for residents and spur innovative medicine development."
Biomeasure and Ipsen US-based operations are subsidiaries of Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven pharmaceutical company with total sales exceeding €1.1 billion (US$1.3 billion) in 2010. Ipsen's ambition is to become a leader in specialty healthcare solutions for targeted debilitating diseases. Its development strategy is supported by four franchises: neurology / Dysport®, endocrinology / Somatuline®, uro-oncology / Decapeptyl® and hemophilia. Moreover, the Group has an active policy of partnerships. R&D is focused on innovative and differentiated technological patient-driven platforms, peptides and toxins. In 2010, R&D expenditure totaled more than $240 million, above 20% of Group sales. The Group has total worldwide staff of close to 4,500 employees. Ipsen shares are traded on segment A of Euronext Paris (stock code: IPN, ISIN code: FR0010259150) and eligible to the "Service de Règlement Différé" ("SRD"). The Group is part of the SBF 120 index. Ipsen has implemented a Sponsored Level I American Depositary Receipt (ADR) program, which trade on the over-the-counter market in the United States under the symbol IPSEY. For more information on Ipsen, visit www.ipsen.com.
Forward Looking Statement
The forward-looking statements, objectives and targets contained herein are based on the Group's management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect the Group's future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today.
Moreover, the targets described in this document were prepared without taking into account external growth assumptions and potential future acquisitions, which may alter these parameters. These objectives are based on data and assumptions regarded as reasonable by the Group. These targets depend on conditions or facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising product in early development phase or clinical trial may end up never being launched on the market or reaching its commercial targets, notably for regulatory or competition reasons. The Group must face or might face competition from Generics that might translate into loose of market shares.
Furthermore, the Research and Development process involves several stages each of which involve the substantial risk that the Group may fail to achieve its objectives and be forced to abandon its efforts with regards to a product in which it has invested significant sums. Therefore, the Group cannot be certain that favourable results obtained during pre-clinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the product concerned. The Group also depends on third parties to develop and market some of its products which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to the Group's activities and financial results. The Group expressly disclaims any obligation or undertaking to update or revise any forward looking statements, targets or estimates contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law.
The Group's business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers.
Didier Véron, +33 (0)1-5833-5116
Director, Public Affairs and Corporate Communications
Fax: +33 (0)1-5833-5058
Tom Jones, +1-212-508-9633 (office)