Inspiration Biopharmaceuticals Files For Ch. 11, Seeks Buyer

Law360, New York (October 31, 2012, 3:06 PM EDT) -- Biotechnology company Inspiration Biopharmaceuticals Inc. said Wednesday that it had filed for Chapter 11 protection in Massachusetts bankruptcy court and is looking for a strategic buyer through a formal sales procedure.

Inspiration’s close partner, Paris-based pharmaceutical company Ipsen SA, has agreed to provide debtor-in-possession financing of up to $18.3 million, providing certain conditions are met, in order to fund Inspiration’s operations through the sales process, the companies said in a pair of statements

By way of its $200 million worth of convertible bonds, Ipsen is Inspiration’s...
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