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Inspire enters into $75 million financing agreement with Warburg Pincus

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DURHAM, N.C. — Inspire Pharmaceuticals has entered into a securities purchase agreement for the sale of $75 million of exchangeable preferred stock to the private equity firm Warburg Pincus, Inspire announced in a press release.

The transaction is based on a price of $5.35 per common share and is expected to close this week.

Inspire plans to use proceeds from the financing to fund commercialization of AzaSite, a topical bacterial conjunctivitis treatment that combines azithromycin with a patented drug delivery system. The proceeds will also fund several phase 3 development programs, the release said.

In conjunction with the financing, Inspire will add Jonathan S. Leff to its board of directors upon the transaction's closing. Mr. Leff is a managing director of Warburg Pincus and leads the firm's biotechnology and pharmaceuticals investment activities, according to the release.