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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.