Inspiration Biopharmaceuticals, a US-based company developing a treatment for blood disorders backed by France-based biotech firm Ipsen, has filed for chapter 11 bankruptcy and is about to hire an investment bank to manage a sale process.

Ipsen said it had provided $18.3m in debtor-in-possession financing to help manage disposition of Inspiration’s assets and faces a $153m write-off on the hemophilia drugs being developed by its portfolio company. However, the US Food & Drug Administration has delayed the development, pushing Inspiration into chapter 11.

In August, Inspiration renegotiated the terms of its strategic alliance with Ipsen in a deal where Inspiration received $50m with another potential $165m waiting in the pipeline. By the end of August, Ipsen had paid $7.5m for a warrant worth 15% of Inspiration but a further $12.5m payment was withheld after the portfolio company failed to find third-party funders by the end of September.

Ipsen controls 40%…

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