Ipsen Pursues Its Development in the United States with the Opening of Its New Commercial Headquarters in New Jersey (NJ)
Ipsen (Paris:IPN) (Euronext: IPN; ADR: IPSEY) today announced the official opening of its new commercial headquarters in Basking Ridge, New Jersey. This is an important step forward for Ipsen in the United States, after the significant investment in its Massachusetts-based facility focused on R&D and technical operations (notably bioproduction) and the recently announced completion of its US Leadership Team for commercial operations. This announcement confirms Ipsen’s commitment to growth for its uniquely targeted neurology and endocrinology therapeutics in the United States and to provide innovative specialty medicines to US patients.
Relocation of the company’s headquarters is expected to create more than 100 new full-time jobs in New Jersey where the growing pharmaceutical and biopharmaceutical industries were key factors in Ipsen’s decision to establish its US headquarters in this state.
The ribbon-cutting ceremonies will be attended by representatives from the offices of New Jersey Lieutenant Governor Kim Guadagno and US Congressman Leonard Lance, among other dignitaries.
“Welcoming innovator biopharmaceutical companies like Ipsen to New Jersey is critical to the Governor Christie Administration’s economic growth agenda,” said Linda Kellner, acting Executive Director of the New Jersey Business Action Center. “Ipsen’s move to the ‘medicine chest of the world’ and Basking Ridge heralds high-quality jobs for Garden State residents and enhanced development of innovative medicines for US patients in need.”
“For Ipsen, the US is a new market in which we see significant opportunity. The move to New Jersey gives us access to the best talents of the biopharma industry, critical to Ipsen’s growth,” said Marc de Garidel, Chairman and Chief Executive Officer, Ipsen. “This new commercial headquarters in the heart of New Jersey conveys our commitment to provide care to patient communities in the US, and will enable us to expand Ipsen’s capabilities and capacity in the US marketplace for our specialty endocrine and neurology products.”
“Ipsen is proud to join and make significant contributions to New Jersey’s community of scientific innovators,” said Sean McKercher, President and General Manager, Ipsen North America. “This move provides an optimal opportunity to support continued market growth and advance our commitment to champion medicines for patient populations.”
About Ipsen in the United States
New Jersey headquarters for commercial operations now houses Ipsen Biopharmaceuticals Inc. leadership team that includes senior marketing talent in specialty endocrinology and neurology – company’s two lead drug categories – and pharmaceutical industry expertise in medical, regulatory, legal, ethics and compliance, and business operations functions. Together with two dedicated sales forces, the team will better serve the Company’s commercial objectives and increased strategic focus on key products, including Somatuline® Depot (lanreotide) and Dysport® (abobotulinumtoxinA). Fifteen of the world’s 25 largest pharmaceutical companies have major facilities in New Jersey.1
In Massachusetts, Ipsen is making a $45 million capital investment in its Milford research and development (R&D) and technical operations facility, notably bioproduction. The existing facility serves as a center for Ipsen 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. Inspiration Biopharmaceuticals, Ipsen’s partner in hemophilia, announced on 17 April 2012, the US submission of Biologics License Application (BLA) for IB1001, a recombinant factor IX product for the treatment of hemophilia B. The new facility will house R&D and Process Sciences laboratories that support Ipsen strategic R&D objectives.
Ipsen is a global specialty-driven pharmaceutical company with total sales exceeding €1.1 billion in 2011. 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 2011, R&D expenditure totaled more than €250 million, above 21% of Group sales. The Group has total worldwide staff of close to 4,500 employees. Ipsen’s 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 loss of market share.
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.
Forward Looking Statement (US)
This press release contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties.
The forward-looking statements contained herein are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause our actual results to materially differ from our expectations. Such risks and uncertainties, include, but are not limited to: a decline of consumer demand and investment activity in Western Europe or the United States, or a downturn in major economies; deterioration of the situation in the global credit and financial markets; changes in currency exchange rates or interest rates; our inability to take to market a product that is promising in the early phases of development or pre-clinical trials due to, among other reasons, such product's failure to obtain regulatory approval or failure in clinical trials; a loss of market share due to increased competition from generic products; at any stage of the development process, our abandoning a potential product that fails to produce desired objectives and our subsequent failure to recoup significant up front research and development costs for such product; and acts by third-parties beyond our control that could damage the Group, the Group's brand or the Group's financial results.
For further information regarding risks and uncertainties associated with our businesses, please refer to our registration documents filed with the French Autorité des Marchés Financiers.
Ipsen undertakes no duty to update or revise any forward-looking statement whether to conform this statement to actual results or changes in the company's expectations or otherwise, except as required by law.
1 State of New Jersey Business Portal. http://www.nj.gov/njbusiness/industry/pharmaceutical. Accessed on April 2, 2012.
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